September's 245,000 new jobs topped consensus forecasts by about 100,000. This means the Fed can probably slow the pace of rate cuts, economists said.

If this sounds like a Goldilocks scenario, it's probably not far from it, even with the lingering inflation concerns.

Famed economist Larry Summers said Friday that the September jobs report shows the Federal Reserve's 50-basis point rate cut was "a mistake," in hindsight.