Stocks Open Lower On Poor Jobs Report
Stocks opened lower Friday as the May jobs report came in well under expectations, at 38,000 jobs added. That marks the second straight month of weak job growth—further muddying the waters for the Fed’s decision on a potential June rate hike.
Economists had predicted job growth of about 160,000 in May. Just 10 minutes after the release of the jobs report, the Dow Jones was down 50 points, after being up by 20, USA Today reports.
The Fed has yet to raise rates in 2016, but Fed chair Janet Yellen along with other central bank officials have been talking big about raising rates.
Futures markets are pricing a 19% chance of a June rate hike, and a 60% chance of an increase in July. [USAToday]