Friday, June 3, 2011

The Dow opens sharply lower after dismal jobs report on 03 June 2011

Stocks are opening sharply lower after a jarringly weak report on employment worsened concerns that the economic recovery is losing steam.The Labor Department reported that employers added only 54,000 new jobs in May, the fewest in eight months. The unemployment rate inched also up to 9.1 percent from 9 percent. Private companies hired only 83,000 new workers, the fewest in nearly a year.Other recent reports showed that higher gas and food prices have dampened consumer spending and manufacturing growth has slowed. Home prices are also still in a slump.
The Dow is down 138 points, or 1.1 percent, at 12,100 in early trading.The Standard & Poor's 500 index is down 15, or 1.2 percent, at 1,297. The Nasdaq index is down 24, or 1 percent, at 2,303.

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1 comment:

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