Job Report of May drags Dow Jones below 10,000
Another day of crash in stock market, and the reason of this crash is disappointing job report. U.S stocks preferred to look south in a face saving mechanism over job less growth suspicion.
ANOTHER DAY of crash in stock market, and the reason of this crash is disappointing job report. U.S stocks preferred to look south in a face saving mechanism over job less growth suspicion. The Doe Jones Industrial Average breached the psychological barrier of 10,000 and tumbled 324.06 points, about 3.16% to 9,931.22. The tech rich Nasdaq dropped 83.86 points to 2,219.17 and S&P500index fell 37.95 points to 1,064.88.
The May job report showed that economy created 431,000 non-farm jobs in May and majority of them are temporary job hiring by the government for census. Although it was highest number in decade, but fell short of expert’s expectation of 500,000 payroll job creation.
Private sector created just 41,000 new jobs, less than fifth of the consensus forecast. The unemployment rate fell to 9.7% in April as the labor force contracted. The U.S. job report for May rocked the European market as well. This led to increased pressure on U.S dollar and euro fell below 1.20 dollar for the first time since 2006. Oil futures tumbled mote than three dollars a barrel in New York and London. Alcoa, Boeing, Caterpillar, American Express, General Electric were major losers on Friday, they all lost 4-6% of their value.
Private sector created just 41,000 new jobs, less than fifth of the consensus forecast. The unemployment rate fell to 9.7% in April as the labor force contracted. The U.S. job report for May rocked the European market as well. This led to increased pressure on U.S dollar and euro fell below 1.20 dollar for the first time since 2006. Oil futures tumbled mote than three dollars a barrel in New York and London. Alcoa, Boeing, Caterpillar, American Express, General Electric were major losers on Friday, they all lost 4-6% of their value.
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