U.S. jobs data increases rate hike likelihood

Unexpected U.S. employment data was released, showing a significant increase of 162,000 non-farm jobs in August, surpassing forecasts of 56,000 jobs. This boosts the likelihood of interest rate hikes at the Federal Reserve meeting in September. The labor force participation rate also rose to 61.6%, while the unemployment rate remained steady at 4.1%, and hourly wage growth stood at 3.1%, indicating a strong labor market without inflationary pressure on wages. Investors are now focusing on upcoming Consumer Price Index data to decide on potential interest rate increases.

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