Wall Street

Steaming US jobs market raises risk of another jumbo Fed rate hike

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City AM

By Jack Barnett The US jobs market is still steaming despite the world’s biggest economy wobbling under the weight of soaring inflation and higher interest rates, figures published last week showed. America added 528,000 jobs in July, pushing the unemployment down to 3.5 per cent, below pre Covid-19 levels, according to data from the US Labor Department. The print smashed Wall Street’s expectations by around 300,000 jobs. The shock jobs gain indicates the US Federal Reserve has more wiggle room than thought to keep hiking interest rates steeply to tame the biggest inflation surge in a generati…

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