U.S.
stocks fell, with equities headed for a second week of declines, as
jobs data reflected a more moderate pace of economic growth and
investors await Greece’s weekend referendum on austerity measures.
The
Standard & Poor’s 500 Index fell 0.3 percent to 2,071.92 at 12:25
p.m. in New York, after earlier rising 0.4 percent. The Dow Jones
Industrial Average slipped 56.19 points, or 0.3 percent, to 17,701.72.
The Nasdaq Composite Index lost 0.4 percent, while the Russell 2000
Index dropped 0.7 percent. The U.S. market is closed Friday for a
holiday.
A
Labor Department report Thursday showed the addition of 223,000 jobs in
June followed a 254,000 increase in the prior month that was less than
previously estimated. The jobless rate fell to a seven-year low of 5.3
percent as more people left the labor force. Average hourly earnings at
private employers held at $24.95.
The
economy has just completed its sixth year of expansion since the
recession ended in June 2009. While the job market has rebounded, faster
wage growth has been slow to follow suit. The participation rate, which
indicates the share of the working-age people in the labor force,
decreased to 62.6 percent, the lowest since October 1977, from 62.9
percent.
Source : Bloomberg
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