Announced this morning, the economy added 201,000 jobs in August, slightly higher than expected and the unemployment rate held steady at 3.9%. Average Hourly Earnings increased 0.4% in August and 2.9% on an annual basis, above forecasts. While the headline number of 201k is solid, higher average early earnings shows that wages may be picking up. While higher wages should give consumers more to spend, it can lead to more inflationary pressure that the Federal Reserve will need to consider. Following the report, interest rates are higher, the US dollar index strengthened, and equity futures are lower heading into the market open.
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