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US stocks flat as August jobs growth disappoints

Sep 06 2019 16:17

Wall Street stocks were little changed on Friday after US employment data showed job growth slowing in August.

The weaker-than-expected jobs report, which also cut estimates for new positions in two earlier months, comes as US equities have rallied the last two days on optimism over US-China trade talks and an ebbing of tensions in Hong Kong.

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About 10 minutes into trading, the Dow Jones Industrial Average stood at 26 741.11, up 0.1%.

The broad-based S&P 500 dipped 0.1% to 2 974.27, while the tech-rich Nasdaq Composite Index shed 0.2% to 8 101.29.

Employers added 130 000 net new positions for the month, far lower than analyst forecasts, while the jobless rate held steady at 3.7% for the third month in a row, and wages rose, according to Labour Department estimates.

The report comes as futures market overwhelmingly expect the Federal Reserve to cut interest rates later this month. Fed Chair Jerome Powell is scheduled to appear later Friday at a public event in Switzerland.

equities  |  wall street  |  markets
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