BY TIMOTHY PUKO
Oil prices retreated Friday, following stocks lower after the latest jobs data showed weaker-than-expected employment gains.
Analysts say the U.S. nonfarm payrolls are the most significant economic data point before the U.S. Federal Reserve’s meeting in September. They rose a seasonally adjusted 173,000 in August, compared with the 220,000 increase projected by economists surveyed by The Wall Street Journal.
Initially prices rose, a common theme in recent days as negative job data has spread optimism for more economic stimulus from central banks. But quickly traders reversed course and sold off across several markets.
The job numbers point to a still-sluggish economy and create pessimism about consumer demand, but are likely still good enough to for the Federal Reserve to possibly raise rates, analysts said.
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