Nonfarm payrolls fell 216,000 in August, less than the expected decline of 230,000. July was unfavorably revised to -276,000 from -247,000, and June was also negatively revised from -443,000 to -463,000. The unemployment rate increased from 9.4% to 9.7%, versus the consensus forecast calling for the jobless rate to rise to 9.5%. Average hourly earnings increased 0.3%, versus the Street's forecast of 0.1%, and the average workweek was flat at 33.1 hours.
The Dow Jones Industrial Average was up 97 points (1.0%) to close at 9,441, the S&P 500 Index increased 13 points (1.3%) to finish at 1,016, and the Nasdaq Composite advanced 36 points (1.8%) to 2,019. Crude oil rose $0.06 to $68.02 per barrel, and the Bloomberg gold spot price advanced $2.55 to $994.40 per ounce. For the week, the DJIA lost 1.1%, the S&P 500 Index shed 1.2%, and the Nasdaq Composite dropped 0.5%.
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