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Oil and stocks rise on strong US jobs report

Oil and stocks rise on strong US jobs report
Oil and stocks rise on strong US jobs report

The United States added 315,000 jobs in August, according to the Bureau of Labor Statistics said Friday in a data release largely in line with expectations and within a “Goldilocks” range, analysts said.

Dow Jones futures, European stock markets and oil and gold prices rose after today’s jobs report.

Employment data in line with expectations showed solid growth in nonfarm payroll employment last month in a still tight labor market. Employment growth was slower than last month, but markets saw it as a good sign of a slowdown. An overly hot labor market could have given the Fed even more ammunition for a big hike in key rates this month, according to CNBC.

Total nonfarm payroll employment rose by 315,000 in August and the unemployment rate rose 0.2 percentage points to 3.7%, the Bureau of Labor Statistics said, adding that gains Notable jobs have taken place in professional and business services, healthcare and retail trade.

The labor force participation rate – the share of adults working or looking for work – rose 0.3 percentage points over the month to 62.4%.

According to Steve Sosnick, chief strategist at Interactive Brokers, the jobs report was a “Goldilocks” report.

“That term applies here. Not too hot. Not too cold. It’s just around expectations. There’s nothing here that takes 75 [basis points] off the table,” Sosnick told CNBC on Friday.

The Fed is ready for new increase in key rates this month, and it could be 75 basis points again, or 0.75%. In fact, Fed economists predict a period of sustained rate hikes to calm inflation. Federal Reserve Chairman Jerome Powell admitted that large interest rate hikes could continue and could slow the economy “for a while,” and that rates could be higher for longer.

After the publication of the employment report, Crude WTI was up 2.53% at $88.80 as of 9:55 a.m. ET, and Crude Brent traded up 2.36% to $94.54. Oil prices have also been pushed higher by what appears to be A setback in the Iran nuclear deal, the expected Russian oil price cap and the possibility of an OPEC+ production cut at the group’s meeting on Monday.

By Tsvetana Paraskova for

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. oil stocks rise thanks solid report on employment in United States

. Oil stocks rise strong jobs report

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