Post by Forever Sunshine on Jun 1, 2012 17:36:21 GMT -5
The blue chips go negative for 2012 as stocks suffer their worst day in at least 7 months, as payrolls grow less than half of estimates. The unemployment rate rises to 8.2%. Crude oil drops below $84. Gold moves higher. May auto sales disappoint.
Stocks dropped sharply today, with the Dow Jones Industrial Average ($INDU -2.22%) going negative for the year, after the Labor Department said the national unemployment rate rose to 8.2% in May and payroll employment growth fell dramatically.
The economy created just 69,000 new jobs in May, down from 77,000 in April and 143,000 in March. The payroll gains were much less than the consensus estimate of 150,000. Worse, the payroll gains for April and March were cut by a total of 49,000 jobs. In a note to clients, Ian Shepherdson, chief U.S. economist of High Frequency Economics, summed up the report in three words: "This is horrible."
There was renewed speculation that the Federal Reserve might try new measures to stimulate the economy, although Chairman Ben Bernanke and others have said they wouldn't move unless the economy shows truly serious deterioration.
money.msn.com/market-news/post.aspx?post=109dd732-6daa-4f8a-b878-a8ee80dd9aba
Stocks dropped sharply today, with the Dow Jones Industrial Average ($INDU -2.22%) going negative for the year, after the Labor Department said the national unemployment rate rose to 8.2% in May and payroll employment growth fell dramatically.
The economy created just 69,000 new jobs in May, down from 77,000 in April and 143,000 in March. The payroll gains were much less than the consensus estimate of 150,000. Worse, the payroll gains for April and March were cut by a total of 49,000 jobs. In a note to clients, Ian Shepherdson, chief U.S. economist of High Frequency Economics, summed up the report in three words: "This is horrible."
There was renewed speculation that the Federal Reserve might try new measures to stimulate the economy, although Chairman Ben Bernanke and others have said they wouldn't move unless the economy shows truly serious deterioration.
money.msn.com/market-news/post.aspx?post=109dd732-6daa-4f8a-b878-a8ee80dd9aba
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