Economy / Markets
Strong US August jobs report pushes September Fed hike odds to 63% on Bloomberg
The Schwab Market Update for the week ending 5 September reported that US payrolls surprised to the upside, with the August print running roughly triple the average economist forecast, leisure and hospitality adding 59,000 jobs and July being revised from negative to a gain of 21,000. Hourly earnings rose 0.3% on the month and 3.1% year over year, just below the Fed's preferred PCE pace of 3.3%, while Treasury yields jumped and Bloomberg-tracked September rate-hike odds rose to 63%. The S&P 500 closed the week at 7,747.71, up 1.06%, with the Dow at 53,686.11 and Nasdaq at 26,584.06.