Stocks cheer prospects for low rates as oil jumps on pipeline outage

“A statistical fluke and/or a temporary pause in labor market demand is the likeliest culprit for this report. However, the Federal Reserve cannot afford to adjust policy without concrete proof of a stronger labor market recovery,” said Natixis economist Troy Ludtka.

U.S. President Joe Biden said after the report that the figures showed the economy was not at risk of overheating and underscored how vital his administration’s economic actions are. The British pound jumped to the highest in more than two months against the greenback, but traders said worries about Scottish independence could curb sterling’s gains. It was last up 0.5% at $1.406.

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