The unemployment rate increased to 3.7% in August. On the other hand, nonfarm payrolls rose by 3,15,000 jobs despite the macro uncertainties. And the Fed is expected to announce another 50 or 75 bps hike in September.
However, the latest job report has driven some optimism. Michael Arone, the chief investment strategist at State Street Global Advisors, said, "This report supports the Fed's ability to engineer a soft landing. Markets like it."
