US stock market indices commenced Friday’s trading session on a mixed note as job growth surged in August and the unemployment rate held steady, beating estimates.
After the opening bell, the Dow Jones Industrial Average was down 0.17%, Nasdaq Composite started the session 0.3% higher, while S&P 500 stood flat.
In the month of August, nonfarm payrolls in the US rose 1,62,000, according to Bureau of Labor Statistics data released on Friday. The job growth topped Bloomberg estimates, while US unemployment rate remained at 4.1%. The report highlighted that the US labour market is navigating through uncertainty from the Iran war and pressure from inflation.
The strong payrolls was driven by a rebound in leisure and hospitality employment and government jobs. Manufacturing payrolls climbed by the most since 2023, while construction firms added the maximum number of jobs since January.
US Treasuries dropped after US jobs data, prompting traders to raise expectations that Federal Reserve officials may raise interest rates this month.
Meanwhile, President Donald Trump lauded August job numbers and pushed to lower interest rates. In a post on Truth Social, Trump said, “Great jobs number just announced, breaking all estimates (except mine!) by double and triple – And you haven’t seen anything yet!”
He added, “Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago! A STRONG COUNTRY MEANS A LOWER INTEREST RATE – IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like “the old days.”
About the Author
