Strong hiring in August revives rate-hike bets

U.S. employers added 162,000 jobs in August, nearly three times the roughly 55,000 economists expected, the Labor Department said Friday. The unemployment rate held at 4.1%, and June and July were revised up by a combined 55,000.

Average hourly earnings rose 0.3% on the month and 3.1% from a year earlier.

The report strengthened the case for a Fed hike at the September 15–16 meeting. It landed in a tense week: oil rose almost 10% as reports of Iranian mines in the Strait of Hormuz pushed WTI and Brent above $90 a barrel.

The S&P 500 finished the week roughly flat.