"This month, the labor market looks stronger than we previously thought," Dan North, senior economist at Allianz Trade North America said after the Labor Department's exceptionally strong September nonfarm payrolls print.

Famed economist Larry Summers said Friday that the September jobs report shows the Federal Reserve's 50-basis point rate cut was "a mistake," in hindsight.

September's 245,000 new jobs topped consensus forecasts by about 100,000. This means the Fed can probably slow the pace of rate cuts, economists said.

Gold prices slipped on Friday after a stronger-than-expected U.S. jobs report poured cold water on expectations for an aggressive rate cut from the Federal Reserve next month, boosting the dollar. Spot gold was down 0.

On the other hand, the world is a mess, inflation still lurks, and there’s a contentious election in November. Given all of that, a data-driven Fed is likely to stay the course.

Good news on jobs means you can say goodbye for now to your dreams of continued aggressive rate cuts from the Federal Reserve. State of play: The Fed may have adjusted rates by a supersized half percentage point in September,

A surge in U.S. job growth has financial markets betting the Federal Reserve will follow last month's half-point interest rate reduction with smaller moves, and ignited a debate over whether the policy rate ends up at a higher level than previously expected.

The jobs report from the Bureau of Labor Statistics for September was considerably stronger than expected. Economists had been predicting payroll growth of 140-150,000 jobs; instead, payrolls rose by 254,

Chief U.S. economist at Bloomberg Economics, Anna Wong, said that the payroll growth count may turn out to be a surprise for some. She expects a higher figure for the September jobs: 188,000.