NEW YORK: Upbeat US jobs data failed to impress investors on Friday, with US stocks down in early trading and the US dollar paring gains against the yen.
The non-farm payrolls increased by 192,000, but the number but was short of the most optimistic forecasts. Analysts also said February's payrolls data was exaggerated by the hit to January figures from bad weather.
Analysts said much of the February increase was already priced into markets, with expectations rising this week after reports showed robust private-sector hiring and an unexpectedly sharp decline in jobless claims.
The benchmark Standard & Poor's 500 was down 0.1 percent in early trading after rising Thursday to its highest level in three months.
"My suspicion is the activity you saw yesterday was to make up for the money flow that usually comes in on the first of the month that waited in anticipation of a much stronger whisper number out there. So the market as we get into the day may be a little bit disappointed," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
The MSCI all-country world index was up 0.1 percent but off its highs of the day.
The dollar was last little changed at 82.41 yen, compared with 82.83 yen before the release of the jobs data.
The dollar slipped against the euro.
The Dow Jones industrial average was down 46.88 points, or 0.38 percent, at 12,211.32. The Standard & Poor's 500 Index dipped 6.65 points, or 0.50 percent, at 1,324.32. The Nasdaq Composite Index took off 10.52 points, or 0.38 percent, at 2,788.22.
In the European stock market, the FTSEurofirst 300 was down 0.5 percent.
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