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U.S. job data increase rate hike prospects
The US jobs report surprised expectations, strengthening the odds of interest rate hikes at the Federal Reserve meeting scheduled for September. An unexpected increase of 162,000 jobs was added in August, well above the forecast of 56,000. The labor force participation rate also rose to 61.6%, with 300,000 people entering the workforce, while the unemployment rate remained steady at 4.1%. Meanwhile, hourly wage growth held at 3.1%. This stability suggests that strong employment is not accompanied by inflationary pressures, thereby increasing the likelihood of rate hikes in the upcoming two meetings. The focus now shifts to the core consumer price index data at the end of the week to make a final decision on monetary policy.
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