|U.S. job growth cools, unemployment rate rises|
By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth slowed a bit in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while. Nonfarm payrolls increased 209,000 last month after surging by 298,000 in June, the Labor Department said on Friday. Although job growth was below expectations, July marked the sixth straight month employment expanded by more than 200,000, a signal of strength last seen in 1997. The one tenth of a percentage point increase in the unemployment rate to 6.2 percent came as more people entered the labor market, an indication of confidence in job prospects.
|S&P 500 posts biggest weekly decline since 2012|
By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks ended lower for a second day and the S&P 500 posted its biggest weekly decline since 2012 on Friday as concerns over Argentina's default continued to dog sentiment. Data showing U.S. job growth slowed in July and the unemployment rate unexpectedly rose suggested the Federal Reserve has room to keep interest rates low for a while. The jobs growth, which came in below economists' forecasts, relieved some investors 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. A U.S. judge on Friday criticized Argentina's decision to default and ordered negotiations between the country and holdout investors to continue.
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