US STOCKS-Wall St inches lower; Argentina concern offsets econ data
* S&P 500 on track for weekly loss
* U.S. July payrolls below forecasts
* P&G, Tesla rise after results
* Indexes down: Dow 0.2 pct, S&P 0.1, Nasdaq 0.4 pct (Updates to late afternoon)
By Caroline Valetkevitch
NEW YORK, Aug 1 (Reuters) - U.S. stocks edged lower on Friday as jobs data suggesting the Federal Reserve has room to keep interest rates low for a while was offset by lingering concern over Argentina's default.
The S&P 500 was on track to post its biggest weekly loss since April.
Government data showed U.S. job growth slowed in July and the unemployment rate unexpectedly rose.
That relieved some investors who were worried about how soon the Fed could bump up interest rates after data on Thursday showed U.S. labor costs recorded their biggest gain in more than 5 1/2 years in the second quarter. Continuación...