September Rate Hike Is 'Out of the Cards' After Weak August Jobs Report

The weaker than expected August jobs report is likely to delay the Federal Reserve's rate hike until after September. 'I think for the most part September is now out of the cards,' said David Lebovitz, global market strategist with J.P. Morgan Funds. 'I still do think the Fed will hike rates before the end of the year, but looking at September, the hurdle is too high given Friday's report.' Though he said a liftoff during October or December looks reasonable should the employment data improve. The economy added just 173,000 jobs in August, falling short of estimates. Plus, average hourly earnings rose 0.3 percent during the month, compared to 0.2 percent in July. The unemployment rate fell to 5.1 percent. The expectations had been for the unemployment rate to fall to 5.2 percent. TheStreet's Scott Gamm reports from New York.