U.S. stock futures declined Friday after data showing that employment contracted in August.

The U.S. Labor Department said nonfarm payrolls fell 4,000 in August — the first decline in four years.

July job growth was revised down to 68,000 from 92,000 and June gains were revised to 69,000 from 126,000. The unemployment rate, however, was unchanged last month at 4.6%.

Today’s report will likely put pressure on Federal Reserve officials to aggressively U.S. cut interest rates, starting with its policy meeting on September 18.

Here at home, the Canadian economy generated a better-than-expected 23,000 new jobs in August. But the unemployment rate stayed at 6%, a 33-year low.

The Canadian dollar opened at US95.1¢, up 0.09 of a cent.

In earnings news, drug manufacturer Patheon has reported a net loss of US$63.1 million in its latest quarter as writedowns and restructurings continued.

U.S. homebuilder Hovnanian Enterprises late Thursday reported a US$77.9 million loss on a 27% revenue drop.

Gold futures held above the US$700-an-ounce level, and crude-oil futures rose 28¢ to US$76.58 a barrel.

Overseas, the Nikkei 225 closed 0.8% weaker in Tokyo and the FTSE 100 was steady in London.

North American stock markets closed higher Thursday ahead of Friday’s reports on Canadian and U.S. employment during August.

The S&P/TSX composite index finished up 112.41 points, or 0.82%, to 13,795.69 with gains led by mining stocks.

The financial sector slipped 0.33%.

Shares in Royal Bank declined 4¢ to $53.96 after subsidiary RBC Centura Banks said it is paying US$1.6 billion in cash and stock for Alabama National BanCorporation, the parent of 11 smaller U.S. banks.

The S&P/TSX Venture composite index climbed 59.44 points to 2,704.46.

In New York, U.S. stocks rose, led by industrial and pharmaceutical shares.

The Dow Jones industrial average was up 57.88 points, or 0.44%, at 13,363.35. The S&P 500 was up 6.26 points, or 0.43%, at 1,478.55. The Nasdaq composite index rose 8.37 points, or 0.32%, at 2,614.32.