Higher than expected job creation along with a slightly higher unemployment rate in August shows that the labor market continues to rebalance, said Candice Tse, managing director and global head of strategic advisory solutions at Goldman Sachs Asset Management.
"Broadly, the job market continues to show signs of moderation as the broader economy moves towards a soft landing, reinforcing market expectations that the Fed will keep interest rates steady at the September meeting," she said by email.
GSAM has $2.6 trillion in assets under supervision.
The U.S. economy created 187,000 jobs in August, above expectations and above July's downwardly revised figure of 157,000, the U.S. Bureau of Labor Statistics reported on Friday.
The unemployment rate rose to 3.8% in August from the 3.5% figure reported in July.
Economists had expected an increase of 171,500 jobs in August with the jobless rate at 3.5%, according to a survey by FactSet Research Systems, a financial data firm.