The all-important non-farm payrolls data in the US came in below expectations for August, recording a rise of 151,000. The markets had expected a rise of 180,000. The weak figure dimmed hopes of a rate rise in September.
Federal Reserve officials duly held interest rates steady on September 21 but indicated they intended to raise rates about 0.25 percentage point before the end of the year, most likely in December.
Strong jobs data will make this more likely, though Fed Chair Janet Yellen said on Wednesday that there is “no fixed timetable” for raising rates as the economy continues its recovery.
Still, analysts are hopeful that September’s non-farm payrolls data will have bounced back when they are released on Friday October 7. They expect employers to have added about 170,000 new jobs in the month, with the unemployment rate staying at 4.9%.
Before the jobs data, on Monday, the important ISM manufacturing index for September is released. This sank into contractionary territory in August, indicating difficulties in the US factory sector.
Reference: News.Markets
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