U.S. Jobs Data Lifts Dollar, Cuts Stocks Losses

The Labor Department said 51,000 non-farm jobs were eliminated in July, bringing losses for the year to 463,000.

European stocks pared losses and government bonds sold off.

The Labor Department said 51,000 non-farm jobs were eliminated in July, bringing losses for the year to 463,000. The department also revised downwards its estimates for job losses in each of May and June.

Economists polled by Reuters had expected it to show that companies shed 75,000 workers in July. It was still the seventh straight month of job losses.

U.S. stock index futures climbed after the report and Europe's FTSEurofirst 300 stocks index was down 0.4 percent, roughly halving what it was losing before the report.

The dollar rose and was up nearly half a percent against a basket of major currencies.