(Updates with jobs report)

Feb 5 (Reuters) - Canada’s main stock index futures turned lower on Friday after weak jobs report underlined the economy’s struggle to cope with the effects of low oil prices.

Statistics Canada said 5,700 jobs were lost in January and the unemployment rate edged up to a two-year high of 7.2 percent as more people entered the work force.

March futures on the S&P TSX index were down 0.28 percent at 8:55 a.m. ET.

Other data showed Canada’s trade deficit unexpectedly shrank to C$585 million ($427 million) in December from C$1.59 billion in November as exports jumped by a healthy 3.9 percent.

Canada’s main stock index jumped on Thursday as higher commodity prices helped lift mining stocks, while banks and railways also saw strong gains and the energy sector rose despite a slip in oil prices.

Dow Jones Industrial Average e-mini futures were down 0.39 percent at 8:55 a.m. ET, while S&P 500 e-mini futures were down 0.47 percent and Nasdaq 100 e-mini futures were down 0.50 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but surging wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm.

Canada’s biggest pension funds say they are walking away from more and more global infrastructure deals, citing concerns that intense competition for assets has driven valuations too far.

COMMODITIES AT 8:55 a.m. ET

Gold futures : $1,153.10; -0.39 pct

US crude : $31.62; -0.35 pct

Brent crude : $34.42; -0.09 pct

LME 3-month copper : $4,659.50; -0.59 pct

ANALYST RESEARCH HIGHLIGHTS

Brookfield Renewable Energy : Barclays raises target price to C$37 from C$35; rating “equal weight”

Westshore Terminals Investment : BMO cuts target price to C$13 from C$15; rating “market perform”

Wi-Lan Inc : Canaccord Genuity raises rating to “speculative buy” from “hold”

U.S. ECONOMIC DATA ON FRIDAY

0830 Payrolls benchmark SA for 12M: Actual -206,000; Prior 91,000

0830 Non-Farm payrolls for Jan: Actual 151,000; Prior 292,000

0830 Private payrolls for Jan: Actual 158,000; Prior 275,000

0830 Manufacturing payrolls for Jan: Expected 29,000; Prior 8,000

0830 Government payrolls for Jan: Actual -7,000; Prior 17,000

0830 Unemployment rate for Jan: Actual 4.9 pct; Prior 5.0 pct

0830 Average earnings mm for Jan: Actual 0.5 pct; Prior 0.0 pct

0830 Average workweek hrs for Jan: Actual 34.6 hrs; Prior 34.5 hrs

0830 Labor force participation for Jan: Actual 62.7 pct; Prior 62.6 pct

0830 U6 underemployment for Jan: Actual 9.9 pct; Prior 9.9 pct

0830 International trade mm for Dec: Actual -$43.36 bln; Revised -$42.23 bln

0830 Payrolls benchmark NSA for 12m: Actual -199,000; Prior -208,000

1030 ECRI Weekly Index: Prior 130.2

1030 ECRI weekly annualized: Prior -2.2 pct

1500 Consumer credit for Dec: Expected 16.00 bln; Prior 13.95 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.37) (Reporting by Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)