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