Market Insider

Market warming to September rate hike?

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Cashin says: Skeptical 'big jobs number' will trigger September rate hike

Stock traders will wade through dozens of earnings reports Thursday, but the real news comes Friday with the release of the July employment report.

Strong ISM nonmanufacturing data Wednesday helped cue up the bond market for a positive payrolls number that may support the idea of a Fed rate hike in September.

Goldman Sachs economists raised their forecast for nonfarm payrolls to 225,000 from 210,000 after the ISM nonmanufacturing survey surged to a 10-year high and included a surprisingly strong employment component. Economists expect a consensus 223,000 nonfarm payrolls, and an unchanged unemployment rate of 5.3 percent, according to Thomson Reuters.