This Was The Perfect Jobs Report For The Market

We just got the perfect jobs report for the economy.

The payrolls jumped and the unemployment rate dropped, which is a great sign for the economy.

And yet, average hourly earnings saw no growth month-over-month, or just 2.0% growth year-over-year.

These lower-than-expected earnings numbers confirm that inflation remains at very low levels. It also gives the Federal Reserve the flexibility to keep monetary policy loose for as long as it needs.

Dow futures were up 92 points, S&P futures were up 12 points and Nasdaq futures were up 23 points. Futures were up ahead of the report, but they're holding their gains.

Meanwhile, the dollar is rallying.

US companies added 248,000 nonfarm payrolls in September, which was much stronger than the the 215,000 expected.

The unemployment rate dropped to 5.9% in September from 6.1% in August.

"Almost job jawdropping," Brean Capital's Peter Tchir said. "This will look good to the Fed."