工作市场形势不秒，六月失业率超过预期。Stocks tank on steeper job losses

Stocks tank on steeper job losses
The unemployment rate ticks up to 9.5%, and job losses far exceed expectations. Average hourly earnings are flat. Oil pulls back.

http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches.aspx?post=1179492&_blg=1,1179492


So much for an improving jobs picture. The Labor Department this morning said the economy lost 467,000 jobs last month, a far greater decline than the 325,000 economists had expected.



"It is definitely the big elephant in the room," Phil Flynn, vice president at PFG BEST Research, said to MarketWatch about the jobs data. "It's confirming what we saw earlier in the week with the dropping consumer confidence. (It's) another sign that the optimism of an economic recovery was a bit ahead of itself."



Stocks were sinking on the news. At 1:15 p.m. ET, the Dow Jones Industrial Average ($INDU) was down 171 points, or 2%, to 8,333. The Nasdaq Composite Index ($COMPX) had shed 43 points, or 2.3%, to 1,803, and the Standard & Poor's 500 Index ($INX) was lower by 21 points, or 2.3%, at 902. The markets will be closed Friday for the July Fourth holiday.

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• The unemployment report was much worse than expected and pushed -wonder1- ♀ (1445 bytes) () 07/02/2009 postreply 15:57:22