Markets rose on Friday, with the S&P 500 edging up 0.1 percent.
A report from the Labor Department showed that the US economy added 130,000 jobs in August, down from 159,000 in July.
Despite the slower job growth, Michael Arone, chief investment strategist for State Street Global Advisors, said that “there is underlying strength to this report, including average weekly hours worked picking up, the labor-force participation rate rising and strong wage growth”.
Arone also said that the jobs report will “strengthen the case that the Fed should cut rates at the next meeting”.
In the meantime, markets were buoyed by an announcement by the People's Bank of China on Friday that its reserve requirement ratio for banks would be cut by 50 basis points and it would further reduce that ratio by 100 basis points for some qualified banks.
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