Nonfarm Payrolls +119K in September (consensus +50K), after August was revised down to –4K from +22K.

Key details:

• Unemployment rate: 4.4% (from 4.3%).
• Labor force participation: 62.4% (from 62.3%).
• Avg. hourly earnings (YoY): 3.8% (unchanged; est. 3.7%).
• Revisions: July –7K to +72K; August –26K to –4K ⇒ net –33K over the two months.

Why it’s mixed:

• Positive: Payrolls beat.
• Negative: Higher unemployment and downward revisions.
• Wages: Stable at 3.8%—not hot enough to force hikes, not cool enough to guarantee a cut.

Market implications (fast):

• USD: Choppy—jobs beat vs. higher unemployment/revisions.
• Treasury yields: Front-end biased higher on the beat; long end sensitive to the softer labor tone.
• Gold: Could bounce if “softer labor” narrative dominates; fades if focus shifts to the headline beat.
• Equities: Mixed; growth/tech may like tame wages, but a delayed Fed cut narrative can cap gains.
• FX pairs:
  • EUR/USD: Slight upside if market leans into the unemployment/revisions story.
  • GBP/USD: Tracks overall risk tone.
  • USD/JPY: Follows U.S. yields; higher yields support the pair.

What to watch next:

• Sector breakdown & average weekly hours to gauge job quality.
• Upcoming inflation prints to confirm real wage trends.
• December Fed call: Still uncertain—this report alone doesn’t clinch a cut.