Stocks Fall on Disappointing U.S. Jobs Growth
NEW YORK (TheStreet) -- Stocks settled firmly in negative territory Friday after a dismal May jobs report came in even worse than the market's lowered expectations.
The Dow Jones Industrial Average fell 98 points, or 0.8%, to settle at 12,151. The S&P 500 was lower by 13 points, or 1%, at 1300, and the Nasdaq was off by 41 points, or 1.5%, at 2733.
The U.S. economy added 54,000 jobs in May, which was well below the job growth of 169,000 that economists had been anticipating, according to Briefing.com. May's weak growth is a big comedown from April's increase in nonfarm payrolls of 232,000.The unemployment rate ticked up to 9.1%, disappointing expectations that it would remain unchanged at 9%. Hourly earnings rose 0.3%, which was slightly higher than the uptick of 0.2% that economists had been expecting, and higher than April's increase of 0.1%. The average work week came in at 34.4 hours, which was unchanged from April's upwardly revised level.
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