Stock index futures fell on Friday after data showed employers shed 125,000 jobs in June, slightly more than expected.

S&P 500 futures fell 0.5 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 17 points and Nasdaq 100 futures lost 0.5 points.

Nonfarm payrolls dropped 125,000, the largest decline since October, as temporary census jobs fell 225,000, the Labor Department said on Friday. The unemployment rate fell to 9.5 percent, the lowest level since July, as people left the labor force.

(Editing by Theodore d'Afflisio)