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Disappointing jobs report sends stocks sliding
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| Contributor | particleman |
| Last Edited | particleman Jun 04, 2010 08:54pm |
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| Category | News |
| Author | STEPHEN BERNARD |
| News Date | Saturday, June 5, 2010 02:00:00 AM UTC0:0 |
| Description | Stocks fell to their lowest level in four months Friday after the government said hiring remains weak and another European country warned its economy was in trouble.
The Dow Jones industrial average dropped 323 points to close below 10,000. It was the lowest finish since February and the third-worst slide of the year. Major indexes all lost more than 3 percent. The drop pushed the market back into what's called a "correction," or a decline of at least 10 percent from its April high.
The government's May jobs report came as an unpleasant surprise for investors who had grown a little more upbeat about the domestic economy the past few days. The Labor Department said private employers hired just 41,000 workers in May, down dramatically from 218,000 in April and the lowest number since January. The news made it clear that the economic recovery isn't yet picking up the momentum that investors have been looking for.
The government said 431,000 jobs overall were created last month, but most of them, 411,000, came from government hiring of temporary census workers. The overall number also fell short of expectations. Economists polled by Thomson Reuters had forecast employers would add 513,000 jobs. |
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