Futures extend losses after stronger-than-expected jobs data

(Reuters) – U.S. stock index futures extended losses after a stronger-than-expected jobs report signaled resilience in the labor market and tempered expectations of rapid interest rate cuts from the Federal Reserve this year.

The Labor Department’s report showed non-farm payrolls increased by 216,000 in December, compared with expectations for an increase of 170,000, according to economists polled by Reuters.

The unemployment rate held steady from November at 3.7%, compared with expectations of a 3.8% advance, while average earnings rose 0.4% on a monthly basis, against forecasts of 0.3% growth.

At 8:31 a.m. ET, were down 158 points, or 0.42%, were down 22 points, or 0.47%, and were down 86 points, or 0.52%. (This story has been corrected to say economists were expecting an increase of 170,000 jobs, not 173,000, in paragraph 2)

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