Nonfarm Payrolls: A Good September Reading Does Not Reduce Uncertainty Surrounding the FOMC's Upcoming Decision

September's US employment figures reported the highest payroll growth since April (+119k). However, this fairly positive reading could prove short-lived due to the impact of the government shutdown. For the Fed, these developments add to the uncertainty surrounding its December meeting. We are still expecting a 25bp rate cut, which is now a close call.