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Wall St set to rally as December jobs report eases rate worries

Wall St set to rally as December jobs report eases rate worries
© Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly

 

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(Reuters) – U.S. stock index futures jumped sharply on Friday after data showed job additions in December were smaller than the previous month and average hourly earnings cooled, supporting views that employment grew in a slower pace.

The Labor Department’s report showed that the nonfarm payrolls rose by 223,000 in December, less than the increase in November, while unemployment rate fell to 3.5% from 3.6% a month ago.

Average hourly earnings came in at 0.3% vs. expectations of 0.4%.

Economists were expecting nonfarm payrolls to rise by 200,000 and the unemployment rate to remain unchanged.

At 8:43 a.m. ET, Dow e-minis were up 200 points, or 0.6%, S&P 500 e-minis were up 24 points, or 0.63%, and Nasdaq 100 e-minis were up 52.25 points, or 0.48%.

Source: Investing.com

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