US STOCKS-Wall St pares gains after weaker-than-expected jobs data
* 151,000 jobs added in August vs est. 180,000
* Unemployment rate unchanged at 4.9 pct
* Broadcom falls; weighs the most on S&P, Nasdaq
* Indexes up: Dow 0.23 pct, S&P 0.24 pct, Nasdaq 0.22 pct (Updates to early afternoon)
By Tanya Agrawal
Sept 2 (Reuters) - Wall Street pared gains in early afternoon trading on Friday as investors feared the weaker-than-expected August employment report will not be enough to dissuade the Federal Reserve from raising interest rates as soon as this month.
U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labor Department said. Economists polled by Reuters had forecast payrolls rising 180,000 last month.
"This mixed jobs report puts the Fed in a tricky situation," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
"It's not all around strong enough to assure a September interest rate hike. But it's solid enough to engender a heated policy discussion, especially given the unintended consequences and collateral damage of a prolonged period of ultra low interest rates." Continuación...