[El-Erian: Weak U.S. September Employment Data Lowers Expectations for Fed Rate Hike in October] Allianz Chief Economic Advisor El-Erian stated that the U.S. added 29,000 jobs in September, with the unemployment rate rising to 4.2%, and average hourly earnings increasing by 0.1% month-on-month. Data for July and August was revised downward by approximately 60,000 jobs, while the labor force participation rate rose to 61.8%. Market expectations for a Federal Reserve rate hike in October have cooled. (Source: Jintou) AI Interpretation: The momentum of growth in the labor market has significantly weakened, and the slowdown in wage growth directly reduces the pressure of inflation rebound. The imbalance between labor market supply and demand has eased, further strengthening the necessity for the Federal Reserve to maintain interest rates unchanged. This data revision reveals the fragility of economic growth, completely ending any market expectations for a rate hike in the short term. Policymakers will shift their focus to mitigating recession risks, signaling the substantive end of the monetary policy tightening cycle.