Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing Rights
Sept 1 (Reuters) – U.S. stock index futures extended gains on Friday after a closely watched report showed a rise in the unemployment rate in August, spurring expectations that the Federal Reserve could pause its monetary tightening.
The Labor Department’s report showed unemployment rate rose to 3.8% against expectations that it would remain unchanged at 3.5%, while wages advanced 0.2% on a monthly basis, moderating from a 0.4% rise in July.
Nonfarm payrolls increased by 187,000 jobs in August, against expectations of 170,000 additions, according to a Reuters poll of economists.
At 8:34 a.m. ET, Dow e-minis were up 170 points, or 0.49%, S&P 500 e-minis were up 26.75 points, or 0.59%, and Nasdaq 100 e-minis were up 89.25 points, or 0.57%.
Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shounak Dasgupta
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