all-time high of $5.85 a gallon on average, compared to $3.71 a year ago.<\/a><\/p>\nBut despite the cost of living rising, wages also appear to be increasing. In August, average hourly earnings for all employees were $37.75 on average, having increased 3.1%.<\/p>\n
“Even the most committed dove would struggle to find anything in the August employment report to justify keeping interest rates unchanged,” said Stephen Brown, chief North America economist at Capital Economics.<\/p>\n
He added that the strength in the jobs market meant that the latest inflation figures released next week would only need to be moderately above the Fed’s target to fuel expectations of a September hike.<\/p>\n
“A hike in rates just became a bit more likely,” said Neil Birrell, chief investment office of investment firm Premier Miton.<\/p>\n
Almost 60% of traders were betting on an interest rate hike in September, according to CME Group’s “FedWatch” data.<\/p>\n
An increase in employment during the final month of the summer in restaurants and bars, as well as in local government education ahead of the new school year, was behind August’s labour market rebound.<\/p>\n
Weaker job figures released earlier in the summer were revised up by the US Bureau of Labor Statistics, revealing a stronger labour market than previously thought. Instead of the economy being deemed to have shed 23,000 jobs in July, some 44,000 were found to have been created in subsequent estimates.<\/p>\n
While many more jobs were added, the US unemployment rate remained unchanged at 4.1% last month, with seven million out of work. Both measures have changed little over the year.<\/p>\n
In response to the stronger jobs figures raising expectations of a interest rate hike, US stock market indexes were trading down on Friday. <\/p>\n
Trump called the response “crazy”. “We just got GREAT Numbers on Jobs, the Market should go UP, because our Credit and Economy are better but, as always, for the past 25 years, the Stock Market goes DOWN, because we’re living under False Reality that if things are good, you’ve got to “KILL IT” because of a “fear” of Inflation,” he said.<\/p>\n<\/div>\n
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