A pleasant surprise greeted financial markets Friday when Labor Department numbers showed that jobs increased in September for the first time in eight months.
On the heels of the announcement, U.S. stocks rose Friday morning, with the Dow Jones Industrial Average soaring into triple digit gains and the S&P 500 rocketing up 16 points, all within the first 15 minutes of trading. By early afternoon, the Nasdaq had risen nearly 3%.
The 57,000 nonfarm job hiring increase proved leading economists wrong. They had predicted a 30,000 decrease according to Reuters.
"This was an exceptionally bullish report for the (stock) market, " John Person, head financial analyst at Infinity Brokerage Services, told Reuters.
Despite the unemployment rate remaining frozen at 6.1%, U.S. Secretary of Labor Elaine L. Chao said in a statement that the job growth news is positive for the country.
"The increase of 57,000 new jobs is positive news for Americas workers and is a sign that the Presidents Jobs and Growth Act is having a positive impact on the economy," Chao said. "New jobs are being created in professional and business services, construction and other skilled trades, motor vehicle and parts dealers, and healthcare and education."