A significantly worse-than-expected jobs report for July sparked fears that the economy might be entering a recession, which caused stocks to plunge on Friday.
400 points, or over 1%, were taken off the Dow Jones Industrial Average. In contrast to the Nasdaq Composite, which fell 2.3%, the S&P 500 fell 1.4%.
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)
