Stock futures rise as investors eye mixed May jobs report
Stocks rose Friday investors digested a mixed report on the state of the U.S. labor market, with a back-to-back miss on monthly payroll gains serving as potential fuel for policymakers to keep their current support systems in place for longer.
The three major indexes, which had traded mixed earlier in the morning, turned higher following the Labor Department’s May jobs report. Headline non-farm payrolls rose by 559,000, which accelerated from April but still missed estimates for a rise of 650,000. While the unemployment rate fell to a new pandemic-era low of 5.9%, this came alongside a drop in the labor force participation rate, suggesting a smaller share of Americans out of work returned to the labor force to look for or take new jobs.
Investors may be interpreting the back-to-back miss in job gains as a sign that the economy has not yet recovered enough to warrant a pivot in the…