US stocks flat as August jobs growth disappoints

Agence France-Press September 6, 2019

NEW YORK: Wall Street stocks were little changed early 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.

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

The broad-based S&P 500 dipped 0.1 percent to 2,974.27, while the tech-rich Nasdaq Composite Index shed 0.2 percent 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 percent for the third month in a row, and wages rose, according to Labor 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.

 

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