Wall Street set to open lower after weak jobs data

Wall Street was set to open lower on Friday after much weaker-than-expected jobs data for May that pointed to labor market weakness and raised doubts if the economy was healthy enough to absorb an interest rate hike in the coming months. The Labor Department said nonfarm payrolls increased by only 38,000 last month, the smallest gain since September 2010 and well below economists' forecast of 164,000. The decrease was in part due to a people dropping out of the labor force.