UPDATE: US stocks drop after weak June jobs report - WAOW - Newsline 9, Wausau News, Weather, Sports

UPDATE: US stocks drop after weak June jobs report

Posted:

NEW YORK (AP) - Stocks are falling sharply at the opening of trading on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

The Dow Jones industrial average dropped 120 points to 12,780 shortly after the opening bell Friday. The Standard & Poor's 500 slid 12 points to 1,356 and Nasdaq composite fell 21 points to 2,954.

The unwillingness of employers to add jobs quickly shows that the economy is still struggling three years after the recession officially ended. The unemployment rate was unchanged at 8.2 percent.

The weak jobs report led investors to shift money into low-risk assets. The price of the 10-year Treasury note rose, sending its yield down to 1.56 percent.


 

WASHINGTON (AP) - U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is struggling.

The Labor Department says the unemployment rate was unchanged at 8.2 percent.

The economy has added just 75,000 jobs a month in the April-June quarter. That's one-third of 226,000 a month created in the first quarter.  Job creation is also trailing last year's pace through the first six months of 2012.

A weaker job market has made consumers less confident. They have pulled back on spending, even though gas prices have plunged.

High unemployment could shift momentum to Mitt Romney, the presumptive GOP presidential nominee.  An Associated Press-GfK poll released last month found that more than half of those surveyed disapproved of President Barack Obama's handling of the economy.

 

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