Nonfarm payrolls reached 162,000 in August, significantly beating expectations of 53,000 to 56,000. The unemployment rate remained steady at 4.1%. Average hourly earnings rose by 0.3% month-over-month and 3.1% year-over-year. These robust figures have led market participants to increase the probability of rate hikes at the upcoming Federal Open Market Committee meetings in September and October. The Fed’s next monetary policy decisions will depend on upcoming inflation data and statements from its officials.
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