Wall Street Opens Slightly Higher on 2nd Straight Jobs Miss; Dow Flat, S&P up 0.2%

Stock Markets8 minutes ago (Oct 08, 2021 09:43AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — U.S. stock markets opened slightly higher on Friday after an employment report that – while weak – wasn’t weak enough to alter expectations that the Federal Reserve will start to tighten monetary policy next month.

The U.S. added only 194,000 jobs in the month through mid-September, the Labor Department said, well short of expectations of 500,000. However, the disappointment was softened a touch by an upward revision of over 130,000 to August’s payrolls gain. Government employment was a drag on the overall number, falling 123,000, while leisure and hospitality jobs rose only 74,000, far less than indicated by ADP’s private-hiring survey earlier in the week. Gains were broadly distributed across the whole of the private sector, however, with manufacturing employment rising by over 20,000.

Average hourly earnings also continued to rise at a smart clip of 4.6% on the year, while the monthly gain of 0.6% was above expectations for a 0.4% increase. That doesn’t suggest any near-term weakening of inflationary pressures.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was effectively flat at 34,750 points, just 5 points below Thursday’s close. The S&P 500 and the Nasdaq Composite were both up 0.2%.

Wall Street Opens Slightly Higher on 2nd Straight Jobs Miss; Dow Flat, S&P up 0.2%

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