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  • Wall Street dips on Disappointing Payrolls Data

    Published on August 7, 2010

    The US stocks retreated on Friday after a government monthly jobs report fell short of expectation, adding to fears that the U.S. economy will slow down in the second half of the year.

    According to the Labor Department, nonfarm payrolls fell by 131, 000 in July as the rise in private-sector employment was not enough to make up for the government jobs lost. Private-sector jobs, which were closely watched by the market, only increased 71, 000 last month, lower than economists’ anticipation.

    However, the jobless rate, which is calculated using a separate household survey, held steady at 9.5 percent in July while economists were expecting it to edge higher to 9.6 percent.

    Friday’s jobs report cast cloud over Wall Street as investors were once again focusing on economic data when the earnings season came to an end. A lack of job creation is now broadly regarded as the biggest obstacle in the rebound of U.S. economy.

    The Dow Jones industrial average was down 21.42 points, or 0.20 percent, to 10,653.56. The Standard & Poor’s 500 index fell 4.17 points, or 0.37 percent, to 1,121.64 and the Nasdaq was down 4.59 points, or 0.20 percent, to 2,288.47.

    The dollar fell against major currencies after the job data. The euro rose to 1.3277 dollars in late New York trading from 1. 3179 dollars late Wednesday.

    Light, sweet crude for September delivery fell 1.31 dollars to settle at 80.70 U.S. dollars a barrel on the New York Mercantile Exchange. In London, Brent crude fell 1.45 dollars to 80.16 dollars a barrel on the ICE Futures exchange.


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