US Jobs Market Softens, Stocks Soar as Dollar and Yields Decline

Global stock indexes surged, the US dollar fell to a six-week low, and US Treasury yields dropped to five-week lows after data revealed that US job growth in October was slower than expected. The slowdown in job growth suggests that the Federal Reserve may halt its interest rate hikes. The decrease in annual wages also indicates a softening labor market. The positive outcome is that the slowdown may keep the Fed from raising rates further. The rally in bonds was fueled by the US Treasury's decision to issue less long-term debt than anticipated and data suggesting a cooling US economy.