U.S. Stock Futures Rise After Hiring Tops ProjectionsJeremy Herron
U.S. stock-index futures rose after a report showed employment increased more than forecast in May and the jobless rate climbed from a four-year low as more Americans entered the labor force.
Standard & Poor’s 500 Index futures expiring this month added 0.3 percent to 1,626.70 at 8:33 a.m. in New York.
Payrolls rose 175,000 last month after a revised 149,000 increase in April that was smaller than first estimated, Labor Department figures showed today in Washington. The median forecast in a Bloomberg survey called for a 163,000 gain. The unemployment rate rose to 7.6 percent from 7.5 percent.
Investors have scrutinized labor-market data as Fed policy makers continue to debate whether the economy is strong enough to begin reducing monetary stimulus. Data yesterday showed initial jobless claims fell by 11,000 to 346,000 in the week ended June 1. A report June 5 indicated companies in the U.S. hired fewer workers than projected in May.