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 1YMcv1 were up 170 points, or 0.49%, S&P 500 e-minis EScv1 were up 26.75 points, or 0.59%, and Nasdaq 100 e-minis NQcv1 were up 89.25 points, or 0.57%.
(Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shounak Dasgupta)
((Amruta.Khandekar@thomsonreuters.com))
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