U.S. stocks edge down on sluggish job growth

U.S. stocks edged down on Friday with weaker-than-expected job growth.

In the closing exchanges, the Dow Jones Industrial Average dropped 2.24, or 0.02 percent, to 11,240.35. The Standard & Poor's 500 index lost 0.91, or 0.06 percent, to 1,279.36 and the Nasdaq Composite index fell 7.29, or 0.35 percent, to 2,085.05.

The Labor Department said Friday that U.S. nonfarm payrolls rose by 113,000 in July after a revised 124,000 gain in June. Economists had forecast a gain of around 145,000 jobs in June.

Analysts said the that latest report added to the evidence from a variety of economic barometers that the U.S. economy is slowing and inflation is rising.

Meanwhile, the weak labor market raised hopes that the Federal Reserve will conclude that it does not have to raise interest rates next week.

Source: Xinhua