Job growth in the US was stronger than expected in September, with nonfarm payrolls increasing by 336,000, surpassing the Dow Jones consensus estimate of 170,000. The unemployment rate was 3.8%, higher than the forecast of 3.7%. The stock market reacted negatively to the report, with futures falling and Treasury yields rising. Wage increases were softer than expected, but the odds of a rate increase before the end of the year increased to about 44%. The leisure and hospitality sector led in job growth, while service-related industries contributed significantly. The report comes amid concerns about inflation and the Federal Reserve's monetary policy.
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