Wall Street’s main indexes rose on Friday as investors looked beyond
weaker-than-expected U.S. job additions in December and took support
from signs of a pick-up in wage growth.
Nonfarm payrolls increased by 148,000 jobs last month, the Labor Department said, while economists had forecast a rise of 190,000.
Stock futures pared gains briefly after the report, which was also in sharp contrast to Thursday’s data that showed private employers added a stronger-than-expected 250,000 jobs in December.
Monthly wage gains was a bright spot that pointed to labor market strength and could strengthen the chances of the Federal Reserve increasing interest rates in March.
The odds of a March rate hike stood at 67.5 percent, according to CME Group’s Fedwatch tool, nearly unchanged from before the release of the report.
Average hourly earnings rose 0.3 percent in December after gaining 0.1 percent in the prior month. That lifted the annual increase in wages to 2.5 percent from 2.4 percent in November.
Nonfarm payrolls increased by 148,000 jobs last month, the Labor Department said, while economists had forecast a rise of 190,000.
Stock futures pared gains briefly after the report, which was also in sharp contrast to Thursday’s data that showed private employers added a stronger-than-expected 250,000 jobs in December.
Monthly wage gains was a bright spot that pointed to labor market strength and could strengthen the chances of the Federal Reserve increasing interest rates in March.
The odds of a March rate hike stood at 67.5 percent, according to CME Group’s Fedwatch tool, nearly unchanged from before the release of the report.
Average hourly earnings rose 0.3 percent in December after gaining 0.1 percent in the prior month. That lifted the annual increase in wages to 2.5 percent from 2.4 percent in November.
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