Global markets fall after US jobs report raises prospect of interest rate rise

US jobless rate dips below 5% for first time since February 2008 to overshadow news that January jobs report was weaker than expected

Global stock markets fell on Friday after the news that US wages picked up and unemployment fell to an eight-year low raised the prospect of another interest rate rise in the world's biggest economy this year.

The US jobless rate dipped below 5% for the first time since February 2008 to come in at 4.9% in January, the US Department of Labor reported. That fresh dip in unemployment and news that employers had increased hours for workers helped to overshadow a weaker than expected rise in new jobs in January.

Related: US economy created 151,000 new jobs in January as jobless rate hits 4.9% - business live

"We've recovered from the worst economic crisis since the 1930s." -@POTUS: https://t.co/oAm205Zui1 https://t.co/sdy9UTqLXi

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