US STOCKS-Wall St set to open lower after jobs data
* Nonfarm payrolls up by 173,000 vs 220,000 expected
* Unemployment rate falls to 5.1 percent from 5.3 percent
* Futures down: Dow 283 pts, S&P 33 pts, Nasdaq 69 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Sept 4 (Reuters) - Wall Street was set to open lower on Friday as investors assessed August jobs data, which showed that fewer-than-expected jobs were added to the economy even as unemployment rate dropped to its lowest in more than seven years.
Nonfarm payrolls increased 173,000 last month after an upwardly revised 245,000 rise in July and below the 220,000 that economists polled by Reuters had expected. Unemployment rate dropped to 5.1 percent and wages accelerated.
The report underscored the U.S. economy's vibrancy in the face of volatile global financial markets and China's slowing growth, and kept alive the prospect of the U.S. Federal Reserve raising rates at its Sept. 16-17 meeting.
S&P 500 e-minis were down 32.75 points, or 1.68 percent, with 428,567 contracts traded. Nasdaq 100 e-minis were down 68.75 points, or 1.63 percent, on volume of 67,094 contracts. Dow e-minis were down 283 points, or 1.73 percent, with 50,987 contracts changing hands.
"The unemployment rate has fallen while wages have accelerated - that will certainly give the hawks more ammunition for a September rate hike," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. Continuación...