We have the "all clear" as Chinese authorities have told us their correction is over. Now we learn the Chinese central bank burned $93.9 billion in reserves last month, a record and double what they did in July.
Heading into the long Labor Day weekend, investors were dealt a curious report from the Bureau of Labor. The headline gain of 173,000 new jobs was most certainly below par. The estimate from Bloomberg before the release called for a gain of 217,000 jobs.
Total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1%, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and social assistance and in financial activities.
The dollar gained and Wall Street stock futures extended losses as U.S. jobs data came near enough to expectations to bolster bets the Federal Reserve will raise rates for the first time in nearly a decade this year.
U.S. employment rose at a solid clip in July and wages rebounded after a surprise stall in the prior month, signs of an improving economy that could open the door wider to a Federal Reserve interest rate hike in September.