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Stock Futures Hold Gains Despite Grim Job Data
Via Fox Business
As of 8:40 a.m. ET, Dow Jones Industrial Average futures rose 14 points to 13288, S&P 500 futures climbed 2.8 points to 1434 and Nasdaq 100 futures gained 1 point to 2826.
The American economy added 96,000 jobs in August, fewer than the 125,000 Wall Street anticipated. The job gains from June and July also received downward revisions in the order of 20,000.
The unemployment rate fell to 8.1% from 8.3% in July. However, the labor force participation rate, which is a gauge of individuals that are employed or actively seeking employment, dropped to the lowest level since September 1981. That means part of the reason the unemployment rate fell was because people, employed and unemployed, actually left the labor force, according to Dan Greenhaus, chief global strategist at BTIG.
Digging into the data, the private sector tacked on 103,000 jobs, while the government shed 7,000. Average hourly earnings were unchanged at $23.52.
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