Jobs Report Triggers Interest Rate Hike Fears as Stocks Fall

U.S. stock markets fell on Friday after a stronger-than-expected jobs report raised concerns about an interest rate hike from the Federal Reserve.

The Labor Department reported that employers added 162,000 jobs in August, exceeding the forecasted 65,000 and boosting expectations for a rate increase to 60.4% from 49.4% just a day prior.

Federal Reserve policymakers are weighing their next move as inflation remains above 3%, and the stronger hiring numbers could tip them towards raising interest rates at their September meeting on the 16th.