Economists had predicted a slight tick higher. With the report, however, the department said hourly wages increased 0.2 percent in the month or by three cents per hour. With high unemployment diluting the incentive to raise wages, consumers are unlikely to revise their spending habits.
In midmorning trading, the Dow Jones industrial average dropped 23.13 points, 0.22 percent, to 10,583.73. The Standard & Poor's 500 fell 0.06 percent, 0.74 points, to 1,140.95. The Nasdaq composite index rose 0.3 percent, 6.94, to 2,306.99.
The benchmark 10-year U.S. Treasury bill fell 1/32 to yield 3.83 percent.
The euro fell to $1.4318 from Thursday's $1.4323. Against the yen, the dollar fell to 93.02 yen from Thursday's 93.23 yen.
In Tokyo, the Nikkei 225 index rose 1.09 percent, 116.66 points, to 10,798.32.
Copyright 2010 by United Press International.
Post new comment