* U.S. economy adds 148,000 jobs in Dec vs est. 190,000
* Average hourly earnings rise 0.3 percent
* Cisco rises after upgrade
* Futures up: Dow 88 pts, S&P 9.25 pts, Nasdaq 31.25 pts (Adds details on jobs data, comment, updates share prices)
By Sruthi Shankar
Jan 5 (Reuters) - Wall Street was set to open higher on Friday as investors looked beyond weaker-than-expected U.S. job additions in December and took support from signs of a pick-up in wage growth.
Stock futures pared gains briefly after the data that showed nonfarm payrolls increased by 148,000 jobs, compared with economists’ expectation of a 190,000 rise.
The numbers were also in contrast to Thursday’s data that showed private employers added a stronger-than-expected 250,000 jobs in December.
However, the rise in monthly wage gains pointed to labor market strength.
Average hourly earnings rose 0.3 percent in December after gaining 0.1 percent in the prior month. That lifted the annual increase in wages to 2.5 percent from 2.4 percent in November.
“It’s a really weak number, surprising given how strong ADP was on Wednesday. However, it’s only one month. People usually look at the three-month average as it’s usually a better gauge,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance in Charlotte, North Carolina.
“The market will probably overlook this for now. I would look next month for confirmation if it’s a trend.”
At 8:39 a.m. ET (1439 GMT), Dow e-minis were up 88 points, or 0.35 percent, with 20,303 contracts changing hands.
S&P 500 e-minis were up 9.25 points, or 0.34 percent, with 128,558 contracts traded.
Nasdaq 100 e-minis were up 31.25 points, or 0.47 percent, on volume of 27,225 contracts.
The blue-chip Dow industrials closed above 25,000 for the first time on Thursday, its quickest 5,000-point climb since the index was created in 1896.
St. Louis Federal Reserve President James Bullard said on Thursday the U.S. tax overhaul is already pushing up equity prices and is likely to boost growth and investment, but should not force the central bank to raise interest rates any faster than expected.
The Fed expects to hike rates thrice in 2018, but it is doubtful that investors have priced in as many.
Among stocks, Francesca’s Holdings tanked about 20 percent premarket after the women’s apparel and accessories maker said it expected up to 17 percent decline in current-quarter same-store sales.
Schlumberger fell 0.8 percent and Chevron 0.5 percent tracking a 1 percent fall in oil prices on soaring U.S. production.
Cisco rose 2.3 percent after BofA Merrill Lynch brokers upgraded the stock to “buy”. [nL4N1P03UX
Reporting by Sruthi Shankar in Bengaluru; Additional reporting by Sinead Carew in New York; Editing by Sriraj Kalluvila