A much stronger-than-expected jobs report has markets falling, because a hot labor market makes a Fed rate hike more likely — bad for stocks, and confusing for anyone job hunting.

• Hiring came in at triple what was expected, with earlier months revised up too.
• Wage growth is still below inflation, so people keep losing ground on pay.
• Job seekers describe hundreds of applications, few interviews, and being ghosted — the opposite of a hot market.
• Diesel prices hit a record high, which pushes up costs across the whole supply chain.
• Norway's sovereign wealth fund plans to cut its US government debt holdings as the national debt passes $40 trillion.

Outlook: Watch for these jobs numbers to be revised down next month, while high diesel prices and rate-hike fears keep pressure on stocks.