Stock futures erase gains after sharp slowdown in May jobs growth

Stock futures erase gains after sharp slowdown in May jobs growth

U.S. stock index futures pared gains on Friday after data showed domestic job growth slowed sharply in May and wages rose less than expected, adding to concerns over the pace of economic growth.

Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 5, 2019. REUTERS/Brendan McDermid

REUTERS: U.S. stock index futures pared gains on Friday after data showed domestic job growth slowed sharply in May and wages rose less than expected, adding to concerns over the pace of economic growth.

U.S. employers added 75,000 jobs in May, while economists polled by Reuters had forecast payrolls rising by 185,000 jobs, suggesting the loss of momentum in economic activity was spreading to the labor market.

Monthly wage growth remained moderate, with average hourly earnings increasing six cents, or 0.2per cent, following a similar gain in April.

At 08:36 a.m. ET, Dow e-minis were down 4 points, or 0.02per cent. S&P 500 e-minis were up 1 points, or 0.04per cent and Nasdaq 100 e-minis were up 6.25 points, or 0.09per cent.

Minutes ahead of the release, Dow e-minis were up 65 points, or 0.25per cent. S&P 500 e-minis were up 8 points, or 0.28per cent and Nasdaq 100 e-minis were up 24.75 points, or 0.34per cent.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

Source: Reuters

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