DJIA futures down 149 points (Il Sole 24 Ore Radiocor) - New York, 07 Jun - US futures slipped lower after the latest nonfarm payrolls report came in hotter than expected signalling US interest rates may have to stay higher for longer.

The labor market added 272,000 nonfarm payroll jobs in May, far higher than the 182,000 expected by economists. At the same time the unemployment rate inched up to 4.0% from last month's 3.9% while wages rose 4.1% on the year to reverse the downward trend seen last month.

Strong labor market readings have stoked concern the Federal Reserve may have to keep interest rate cuts higher for longer as it strives to bring inflation down.

Futures on the Dow Jones were down 149.00 points, or 0.38%, S&P 500 futures were down 24.50 points, or 0.46%, while futures on the Nasdaq were 77.25 points, or 0.41%, lower.

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(RADIOCOR) 07-06-24 15:08:54 (0423) 5 NNNN