US Job Market Report Eases Inflation Concerns, Boosting Wall Street

The US job market report eased concerns about inflation, causing Wall Street to climb near its all-time high. The S&P 500 rose 0.7 per cent and pulled within 1 per cent of its record set in August.

The Australian sharemarket is expected to rise as well, with futures pointing to a gain of 26 points, or 0.3 per cent, at the open. The US Federal Reserve raised its main interest rate for the first time in three years to combat inflation.

Adam Schickling, senior economist at Vanguard, stated that 'this report strengthens the case for the Federal Reserve to remain patient.' He noted that the labor market has not deteriorated sharply but also does not show significant strengthening.