Following the release of US non-farm payroll data showing 163, 000 new jobs added in August—far surpassing expectations—one asset management executive is warning that investors should not celebrate the numbers, as the strong showing could provide justification for further interest rate hikes by the Federal Reserve.

"The August jobs report nearly surprised everyone," said Ken Mahoney, CEO of Mahoney Asset Management, commenting on the month's impressive employment figures. "Under normal circumstances, this would be good news."

However, he added: "But clearly, the market is not in a normal operating environment right now. When it comes to interest rates, bad news has consistently been treated as good news, while good news ends up becoming a problem."