US stock futures sink ahead of August jobs report

By DANIEL WAGNER | September 2, 2011 | 8:05 AM EDT

In this Aug. 18, 2011 photo, trader William Sachs, right, talks with a fellow trader on the floor of the New York Stock Exchange. Global stock markets slumped Friday, Sept. 2, 2011, ahead of the release of U.S. employment figures, which will be scrutinized for clues about the state of the world's largest economy. (AP Photo/Richard Drew)

U.S. stock futures are falling as anxious traders await a key report on hiring and employment in August.

The Labor Department reports at 8:30 a.m. Eastern on the number of jobs created in August. Economists surveyed by FactSet expect that the economy added 93,000 jobs, not enough to reduce the 9.1 percent unemployment rate.

Global markets sank ahead of the report. European stocks tumbled as negotiations about Greece's shaky finances appeared to break down.

Volume will likely be thin because of the holiday weekend. That means sharp swings are possible if the jobs report surprises.

Ahead of the jobs report, stock index futures are down 0.6 percent. S&P 500 futures are down 7.9 points at 1,193. Dow futures are down 65 at 11,400. Nasdaq 100 futures are off 14 at 2,203.