Chart of the day: Jobs data sets scene for rate rise
The chances that the United States Federal Reserve will raise interest rates before the end of the year look more likely in the wake of the nation's monthly jobs data released on Friday. Figures showing a net 271,000 jobs created last month indicate the economy has moved beyond its recent "soft patch" in hiring, according to French bank Societe Generale. US monthly jobs growth has averaged 206,000 so far this year, putting the unemployment rate on track to fall below 5 per cent by the end of the year. The bank said improving employment would bolster the Fed's confidence that inflation would rise about 2 per cent in the medium term. The bank put the probability of an interest rate rise at next month's meeting at 70 per cent.