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The U.S. Department of Labor reported on Friday the unemployment rate dropped to 5.9% in September as 248,000 jobs were created.

The Labor Department reported that among the major worker groups, unemployment rates declined in September for adult men (5.3 percent), whites (5.1 percent), and Hispanics (6.9 percent). The rates for adult women (5.5 percent), teenagers (20.0 percent), and blacks (11.0 percent) showed little change over the month. The jobless rate for Asians was 4.3 percent (not seasonally adjusted), little changed from a year earlier.

Following the release of September’s jobs report the Labor Department also revised the previous numbers to report the change in total nonfarm payroll employment for July was revised from +212,000 to +243,000, and the change for August was revised from +142,000 to +180,000. With these revisions, employment gains in July and August combined were 69,000 more than previously reported.

CNBC News reported the bounce in employment provided good news for the workforce in terms of total jobs, but wages remained stagnant. The average hourly wage actually fell one cent to $24.53, while the average work week edged higher to 34.6 hours.

CNBC News continued to report the job creation was tilted heavily towards full-time positions, which surged by 671,000. Part-time jobs actually fell by 384,000.

The question now is how the market will react to the unemployment report as now the unemployment report is below 6%, will the Federal Reserve begin to raise interest rates which have not been raised since around 2008.

The Federal Reserve bond buyback program has helped Wall Street and made the top 1% wealthier at the expense of Main Street America, will the Federal Reserve now begin to raise interest rates?

We will have to wait and see.