US employment results for August surprised on the upside with a total of 201,000 new jobs created over the month, this was above analysts expectations of 190,000. The employment beat has firmly cemented the possibility of another US interest rate hike later on this month.
Whilst the jobs number did beat expectations it did not come as a huge surprise to markets and failed to move the dollar very much on the announcement. The surprise was the increase in hourly earnings which rose by 0.4 month on month which puts the yearly rate at a none year high of 2.9%. With the US economy starting to outstrip all of its developed market peers, investors have been left wondering how long this unchecked growth in the US can continue.
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