NEW YORK: Wall Street stocks opened slightly lower Friday after the Labor Department reported the US economy added a robust 242,000 jobs in February, but wages fell.
Five minutes into trade, the Dow Jones Industrial Average stood at 16,937.15, down 6.75 points (0.04 percent).
The broad-based S&P 500 slipped 0.20 (0.01 percent) to 1,993.20, while the tech-rich Nasdaq Composite Index fell 4.87 (0.10 percent) to 4,702.55.
The headline jobs figure came in much above the 190,000 new jobs expected by analysts. The report also upgraded jobs figures for January and said the unemployment rate held steady at 4.9 percent.
But the drop in wages suggests a big pickup in part-time hiring, said FTN chief economist Chris Low. He expressed doubt the US Federal Reserve will raise interest rates later this month.
“Lots of poor-quality jobs might encourage the Fed to raise rates, but falling wages and hours should keep them at bay in March at least,” he said.
Copyright AFP (Agence France-Presse), 2016
Courtesy : BRecorder