U.S. stocks open lower on soft jobs report

0 Comment(s)Print E-mail Xinhua, October 6, 2017
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NEW YORK, Oct. 6 (Xinhua) -- U.S. stocks opened lower Friday after data showed the labor market experienced its first contraction in seven years.

U.S. total nonfarm payroll employment declined by 33,000, largely due to hurricanes Harvey and Irma that hit the country in September, the Labor Department said Friday in a report.

Economists polled by Reuters had estimated an increase of 90,000 jobs.

The unemployment rate declined to 4.2 percent in September, according to the report.

In September, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents to 26.55 U.S. dollars. Over the past 12 months, average hourly earnings have increased by 74 cents, or 2.9 percent, the report said.

All three major indices posted record high for four consecutive sessions this week as the market renewed hope for tax reform.

The Trump administration and U.S. Congressional Republicans last week released a unified framework for tax code reform which will cut tax rates for both businesses and individuals.

However, the plan lacks details on how to consolidate fiscal position in face of big tax cuts.

Shortly after the opening bell, the Dow Jones Industrial Average lost 29.96 points, or 0.13 percent, to 22,745.43. The S&P 500 edged down 5.19 point, or 0.20 percent, to 2,546.88. The Nasdaq Composite Index decreased 16.51 points, or 0.25 percent, to 6,568.85. Enditem

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