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U.S. payrolls DID WHAT.

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The Dow Jones Industrial Average looked set for a lower open after the August jobs report missed estimates by a mile.

The U.S. added just 235,000 jobs in August, down from a revised 1.1 million in July, and missing estimates for 750,000. The unemployment rate fell to 5.2%, from 5.4% in July, and meeting forecasts for 5.2%. The Delta variant seemed to be a problem, as leisure & hospitality hiring was little changed. “This was a read consistent with building delta variant concerns if nothing else,” writes BMO Capital Markets Ian Lyngen.

Dow Jones Industrial Average futures were down 0.1% while S&P 500 futures were little changed, and Nasdaq Composite futures had dipped 0.1%. All three had been around 0.1% about 15 minutes before the release.

The 10-year Treasury yield, which was trading at 1.297% before the release, rose to 1.322%.

Write to Ben Levisohn at