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Gasoline Prices Continue To Plummet In The U.S.

Gasoline Prices Continue To Plummet In The U.S.

After a relentless month’s long…

Oil And Equities Rise On Solid U.S. Jobs Report

The U.S. added 315,000 jobs in August, the Bureau of Labor Statistics said on Friday in a data release that was largely in line with expectations and in a “Goldilocks” range, according to analysts. 

Dow Jones futures, the European equity markets, and oil and gold prices rose after today’s jobs report. 

The employment data in line with expectations showed solid growth in nonfarm payroll employment last month in a still tight labor market. The rise in employment was slower than last month’s, but markets saw that as a good sign of some cooling. Too hot labor market could have given the Fed even more ammunition for a large key interest rate hike this month, according to CNBC. 

Total nonfarm payroll employment increased by 315,000 in August, and the unemployment rate rose by 0.2 percentage point to 3.7 percent, the Bureau of Labor Statistics said, adding that notable job gains occurred in professional and business services, health care, and retail trade. 

The labor force participation rate – the share of adults working or seeking a job – rose by 0.3 percentage point over the month to 62.4%. 

According to Steve Sosnick, chief strategist at Interactive Brokers, the jobs report was a “Goldilocks” report.  

“This term applies here. Not too hot. Not too cold. It’s right around expectations. There’s nothing in here that takes 75 [basis points] off the table,” Sosnick told CNBC on Friday. 

The Fed is set for another key rate hike this month, and it could be again 75 basis points, or 0.75%. In fact, Fed economists are predicting a period of sustained rate hikes to cool inflation. Federal Reserve’s Chair Jerome Powell has admitted that large interest rate hikes could continue and could slow the economy “for some time,” and that rates could be higher for longer.   

After the jobs report was released, WTI Crude was up 2.53% at $88.80 as of 9:55 a.m. ET, and Brent Crude traded up 2.36% at $94.54. Oil prices were also pushed higher by what appears to be a setback in the Iranian nuclear deal, the expected price cap on Russian oil, and the possibility of an OPEC+ production cut when the group meets on Monday. 

By Tsvetana Paraskova for Oilprice.com

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  • George Doolittle on September 02 2022 said:
    *"get a bid on more Government waste, fraud and abuse"* I'll grant that.

    Of course chaos in the USA Nuclear Fleet abounds at the moment so maybe the name change to *"Chernobyl.Com"* because no one cares about oil prices in the USA as some type of amazing great growth story news event for the USA.

    Everything is Big Battery and Hybrid now.

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