‘Clack! cla-cla clack-clack clack-clack CLACK!!’ (today’s fanfare for Nonfarm Friday was played on football helmets to celebrate the start of college football season). It is the first Friday in September, which means we see official US employment data, aka nonfarm payrolls. Today’s report has showed 173,000 jobs were created in August, which was less than the expected 220,000, but has been offset by a drop in the unemployment rate to 5.1%. Given the market response, it believes this report is good enough to usher in an interest rate hike later in the month….and crude is heading lower.

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