U.S. Labor Market Woes Deepen Amid Weak July Jobs Report
U.S. stock index futures fell as a July jobs report revealed only 73,000 new jobs, below the expected 110,000, signaling labor market concerns amidst trade policy uncertainties. Unemployment steadied at 4.2%, while average earnings grew 0.3%. Dow, S&P, and Nasdaq futures declined sharply at market open.
U.S. stock index futures dropped sharply on Friday following a disappointing July jobs report, deepening concerns about the labor market's health amid prevailing uncertainties surrounding American trade policies.
The Labor Department released data showing that the U.S. economy added only 73,000 jobs in July, falling short of economists' expectations of 110,000 jobs. The unemployment rate remained steady at 4.2% as predicted, while average earnings posted a monthly increase of 0.3%, meeting forecasts.
As of 08:30 a.m. ET, Dow E-minis decreased by 425 points, or 0.96%, S&P 500 E-minis fell 65 points, or 1.02%, and Nasdaq 100 E-minis were down 269.75 points, or 1.15%, reflecting the market's reaction to the report.
(With inputs from agencies.)
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