The critical employment data, which the markets have been eagerly waiting for, has been announced.
Nonfarm payrolls in the US increased by 263,000 in September. The unemployment rate in the country also fell to 3.5 percent.
Expectations regarding the aforementioned data indicated that the increase in non-farm employment would decline from 315 thousand to 250 thousand and the unemployment rate would remain constant at 3.7 percent.
Average hourly earnings increased by 0.3 percent monthly and 5 percent annually, in line with expectations.
Non-farm employment data for the last two months was revised upwards by 11,000.
Labor force participation decreased to 62.3 percent in September from 62.4 percent in the previous month.
Probability of 75 basis points increase in interest rates strengthened
US interest rate futures contracts give a 92 percent probability that the Fed will raise rates by 75 basis points in November. Before the data, this rate was 85.5 percent.
Analysts said that more-than-expected employment and falling unemployment rate indicated a tight labor market and remained resistant to the Fed's aggressive interest rate hikes.
The Fed increased the policy rate by 75 basis points to the range of 3.00-3.25 percent at its September meeting. Due to high inflation in the country, policy rates were increased for the third time in a row.