|01-09-2015, 11:27 PM||#1|
U.S. stock futures, dollar retreat ahead of jobs report
Here comes the biggest piece of data for the month, with expectations pouring into another robust month for the U.S. labor market.
The December jobs report is due at 08:30 a.m. ET (13:30 GMT), with analysts expecting the economy added 240,000 jobs over the month.
Hiring came out more than expected in November when the U.S. economy created 321,000 jobs.
The last 12 months have been the strongest for job creation since 1999.
The jobless rate is expected to have dropped to 5.7% in December from 5.8% the previous month.
The most anticipated measure however will be wage growth, which has been increasing at a slower than usual pace since the U.S. got out of recession in the middle of 2009.
If wage growth accelerates, while sustaining the upsurge in job creation, the economy should shift into faster growth. This could also cement the case for the Federal Reserve to start policy normalization.
U.S. stock futures were pulling back early Friday ahead of the release, coming after a strong performance on Wednesday and Thursday, when the Dow Jones Industrial Average posited its largest gain in three weeks.
Futures on the Dow Jones Industrial Average and the S&P 500 were down 0.34% each, while Futures on the NASDAQ 100 dropped 0.22%.
Markets received a boost on Thursday after Charles Evans, President of the Federal Reserve of Chicago said that he advised the Fed to keep interest rates low until 2016.
European markets were mostly down, while Asian shares closed mixed.
Oil futures fluctuated between small losses and gains. U.S. crude was slightly changed, but Brent futures fell 40 cents per barrel.
The U.S. dollar fell against most other majors while metals were mixed.
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