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GLOBAL MARKETS-Stocks slide, dollar flat after unconvincing jobs data

Published 2015-09-04, 09:12 a/m
© Reuters. GLOBAL MARKETS-Stocks slide, dollar flat after unconvincing jobs data
AMP
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DX
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US2YT=X
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FTEU3
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DXY
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By Nigel Stephenson
LONDON, Sept 4 (Reuters) - U.S. stock futures fell and the
dollar was little changed on Friday after data showed the U.S.
economy created fewer jobs than expected last month, though the
unemployment rate fell to a 7-1/2-year low.
Non-farm payrolls increased 173,000 in August as the
manufacturing sector lost the most jobs since July 2013, after
an upwardly revised 245,000 rise in July, the Labor Department
said.
It was the smallest gain in employment in five months
although it was enough to nudge the unemployment rate down to
5.1 percent from 5.3 percent in July.
"It was a fairly mixed report, but I don't think it gives
the Fed the support they were possibly looking for to make
September the first hike, said Russell Price, senior economist
at Ameriprise Financial (NYSE:AMP) Services Inc in Troy, Michigan.
"One way to put, it's a report that provides the Fed with
enough caution as it does confidence."
The dollar index .DXY , which measures the greenback
against a basket of currencies, initially dipped after the
number before levelling off. It was last down 0.1 percent but
marginally higher than before the data was released.
U.S. stock index futures SPc1 were last down 1.6 percent
having been down about 1.1 percent before the data.
The FTSEurofirst 300 index of top European shares .FTEU3
initially cut losses just after U.S. jobs data but then fell
back further. It was down 2.6 percent at 1,390 points by 1300
GMT.
U.S. Treasury yields rose, with two-year notes US2YT=RR
last yielding 2.15 percent, down 1.7 basis points, compared with
2.13 percent earlier.
Sterling rose immediately against the dollar after the data,
but quickly gave up those gains to hit a three-month low of
$1.5206, down 0.3 percent on the day GBP=D4 .

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