Wall Street nears record high as weak jobs data eases inflation fears
US employers added just 29,000 jobs last month, below expectations, reducing fears that a strong economy could worsen inflation.
The S&P 500 rose 0.7 per cent and pulled within 1 per cent of its August record. The Nasdaq gained 1.2 per cent.
US job growth slowed sharply to 29,000 from August's 133,000, easing concerns the economy might fuel higher inflation. The Fed is now seen as less likely to raise interest rates at its next meeting.
The Australian sharemarket is set to open up 0.3 per cent. The Australian dollar was trading at US69.56 cents.
- 29,000
- Jobs added last month
- 133,000
- August job growth
- 0.7 per cent
- S&P 500 rise
- Less than 23 per cent
- Fed rate hike odds now
Why it mattersWeaker job growth lowers the odds of higher interest rates, which means lower borrowing costs for mortgages and consumer loans.
AustraliaAustralian interest rates may stay lower if the US eases off rate hikes, giving Australian borrowers some relief.
Open this story in InSnip →
