U.S. stocks fall as August jobs surge fuels rate-hike bets
U. S. stock indexes fell and Treasury yields rose after the Labor Department reported that August nonfarm employment increased by 162,000, keeping the unemployment rate at 4. 1% and reviving expectations of a Federal Reserve rate hike later this month. Earlier forecasts had been far lower; CNBC had projected a gain of about 53,000 jobs for August, while CNN had estimated roughly 65,000 jobs and a slight rise in unemployment to 4.
2%. The Department of Labor’s Job Openings and Labor Turnover Survey also showed July job openings edging up to 7. 27 million and the unemployment rate holding steady at 4. 1%.