Why investors aren't sweating a jobs report that showed unemployment rising

• Stocks climbed Friday after the release of employment data showing unemployment up and earnings growth slowing. 
• Investors are cheering the update because it raises the chances the Fed cuts rates sooner.
• One economist called it the "Fed's dream jobs report." 

Stocks moved up on Friday following the latest jobs report, which showed the unemployment rate ticked higher in August. 

Nonfarm payrolls climbed 187,000 last month, beating the consensus forecast of 170,000. The unemployment rate jumped to 3.8% from 3.5% the month before, and wage growth and hourly earnings slowed down.