Stock Market Falls Under Poor U.S. Jobs Data Report
While many expected an economic boost from the jobs data report released Friday, the exact opposite occured.
The Dow Jones Industrial Average fell over 300 points, dipping below the 10,000 benchmark. The stock market drop was a result of the May jobs data report, which stated that the private sector hired 41,000 employees, a figure considerably lower than the April jobs data report of 218,000.
The stock market crash is one of the worst of the year, and many believe consumer spending will be impacted as well. Without jobs available, consumers will not be able to make significant purchases, reflecting a poor state of the U.S. economy.
It was also stated in the jobs report that in total, 431,000 jobs were created last month. However, the lion’s share of those jobs were temporary jobs aided by the government, particularly dealing with the U.S. census and contributing to the stock market crash.
One positive statistic from the stock market jobs data report was that the unemployment rate dipped to 9.7%, surpassing analyst’s expectations of 9.8%. Some of the top industries that were hit based on the release of the jobs report include stocks relating to credit, retail, and general sales. Many believe that this recent jobs data report is most reflected in both the stock market crash and the U.S. economy.
Related posts:
- Obama: U.S. Economy Strengthening According to President Barack Obama, the U.S. economy is strengthening based on a...
- 2010 Census process and informations 2010 Census Forms will come next week between Monday (2010.03.15) and Wednesday (2010.03.18)....
- US Census Takers Not Well Loved US Census takers have never been the most popular people to come to...
- US Market Rose Amidst Euro Crisis And Bailouts Europe’s debt crisis, particularly concerning barely breathing Greece economy, has once again pulled...
- Frequently Asked Questions about the Census form 2010 Frequently Asked Questions about the Census 1. What is the census? The census...