By contrast, on October 4 a new jobs report came out that was red “hot”. Jobs increased by 254,000, soundly beating expectations, and major market indices soared by 1% to 2%. Since the September 6 dip,

"On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," James Knightley, ING's chief economist, said.

European shares have opened lower after Asian shares advanced following a surprisingly strong U.S. jobs report that raised optimism about the economy.

The jobs report affirms recession unlikely for now. It also almost guarantees the Fed will reduce rates by a quarter point in November.

The robust upswing in retail jobs in September likely got a boost from early seasonal hiring as retailers prepared for the start of the holiday selling season. Total nonfarm payroll rose by 254,000 in September,

The US job market saw a surprising surge in September, with employers adding 254,000 jobs, far surpassing the expected 150,000. The unemployment rate dipped from 4.2% to 4.1%, marking the strongest job growth since March.