The broad indexes all declined 1% after the U.S. Labor Department reported that the U.S. economy added 80,000 jobs during June, and that the unemployment rate was unchanged, at 8.2%. Economists polled by Thomson Reuters had expected 90,000 jobs to be created during June. The June number improved from revised job creation figures of 68,000 in April and 77,000 in May.
Companies in the "financial activities" category added 5,000 jobs during the month, to 7.7 million, after adding 9,000 jobs the previous month, on a seasonally adjusted basis. The sector added 57,000 full-time positions from June 2011.
Financial subsectors showing strength during June included companies providing credit remediation and related services, which added 4,700 positions. Commercial banks saw full-time equivalent headcount shrink by a seasonally adjusted 2,900 positions during June, following a decline of 1,800 in May, while growing by 1,500 positions year-over-year, to 1.3 million.The KBW Bank Index (I:BKX) was down 1% to close at 45.19, with 19 out of 24 index components rounding out the week with declines. Morgan Stanley's's shares have now declined 6% year-to-date, after dropping 44% during 2011.
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