The past week has been a rollercoaster ride for the U.S. economy. From a surprising surge in job growth to predictions of market euphoria topping soon and Elon Musk’s alarming bankruptcy prediction for the U.S., there’s a lot to unpack.

Let’s dive into the top stories of the week.

US Economy Adds 254,000 New Jobs In September

The U.S. labor market showed signs of robust health as it added 254,000 nonfarm payroll jobs in September, a significant improvement over August’s revised figure of 159,000. This pace of job creation exceeded economist forecasts, sparking fresh optimism for the labor market’s resilience.

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Billionaire Investor Predicts Market Euphoria Will Top Soon

Mark Spitznagel, co-founder of Universa Investments, warns that the current market euphoria, spurred by the Federal Reserve’s rate cuts and China’s stimulus measures, won’t last. He predicts a looming recession and believes the current rally is only temporary. Spitznagel also foresees a future stagflation where the Fed’s actions won’t be enough to save the economy.

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See Also: Treasury Yields Plunge, TLT ETF Tops $100, VIX Spikes As 50-Basis-Point Rate Cut Odds Soar In Response To Jobs Data

‘Blowout’ September Jobs Report Spurs Reactions

The September jobs report came in hotter than predicted, with U.S. payrolls increasing by 254,000 and the unemployment rate surprisingly slipping to 4.1%. These robust numbers have sparked a fresh debate among economists about the Federal Reserve’s next move, with many leaning toward a more gradual approach to rate cuts.

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Elon Musk Says America ‘Headed For Bankruptcy’

Elon Musk expressed concerns over the financial trajectory of the U.S., suggesting the nation is on the brink of bankruptcy. This comes after Federal debt increased by $204 billion on the first day of the new fiscal year, jumping to a new record of $35.669 trillion.

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Larry Summers Slams Fed’s September Rate Cut

Larry Summers, former Treasury Secretary, has expressed disapproval of the Federal Reserve's decision to cut interest rates last month, terming it a misstep in the face of the latest U.S. job growth data.

Read the full article here.

Read Next:

Nasdaq, S&P Futures Sag As Downside Risks Intensify, Oil Spikes, Nike Slides: Why This Strategist Is Expecting ‘Stronger’ Second-Half Of October

This story was generated using Benzinga Neuro and edited by Ananya Gairola