Friday saw a sharp decline in U.S. stock futures as concerns about the possibility of a recession were sparked by a July jobs data that was far lower than expected.
One day after the Dow dropped 495 points, Dow Jones Industrial Average futures dropped 475 points, or 1.2%. Futures linked to the Nasdaq 100 lost 2.3%, while those linked to the S&P 500 sank 1.6%.
Each of the three had a weekly decrease. The U.S. job market expanded less than anticipated in July, but the employment rate increased to its highest level since October 2021.
The Labour Department said that nonfarm payrolls increased by just 114,000 last month, which was less than the 185,000 forecast by Dow Jones’ panel of economists and a slowdown from the 179,000 jobs added in June. The percentage of unemployed people rose to 4.3%.
Source (CNBC)
