Jobs Report Falls Short of Boosting Rate Hike Odds

The US jobs report for August showed a surprisingly strong number of new hires, with 162,000 jobs added to the economy. This beat the consensus forecast by nearly triple, but it didn't have a significant impact on market expectations for a Federal Reserve rate hike.

Analysts say that the number barely moved the needle on what the Fed will do at its upcoming meeting on September 15-16. The unemployment rate remained steady at 4.1%, which is seen as resilient but not overheating.

Fed Chair Kevin Warsh has made it clear that he's watching inflation, not jobs, when making policy decisions. The current target range for the Fed's interest rates sits at 3.50%-3.75% after the July FOMC meeting.