Weak US job numbers....2 Aug 2024 15:36
... fuel fears as stock markets slide.
Hiring in the US slowed sharply last month and the unemployment rate rose, stoking fears about the state of the world's largest economy.
Employers added 114,000 jobs in July, official figures showed, fewer than expected and far lower than in June.
Global stock markets are already on edge after earlier US data showed weaker manufacturing activity and major companies such as Intel and Amazon published a string of disappointing financials.
The employment figures suggest the long-running jobs boom in the US might be coming to an end, as the highest borrowing costs in two decades weigh on the economy.
The three major share indexes in the US, which were hitting new records just a few weeks ago, have been on a downward slide in recent days.
The Dow Jones Industrial Average, S&P 500, and Nasdaq were all lower in morning trade on Friday, with the S&P down more than 2% and the Nasdaq sinking more than 3%.
It has sparked fears which have also spread to international markets.
In Asia and Europe, most major indexes were down on Friday, with Japan's Nikkei 225 index tumbling, to close nearly 6% lower.
Neil Birrell, chief investment officer at Premier Miton Investors, said the US jobs data, which showed the unemployment rate rising to 4.3% from 4.1% in June, "couldn’t have been released at a more sensitive time".
"Markets are wobbling, concerns over Fed policy abound and corporate earnings are in the spotlight," he said. "The weak data will cause more angst, and concerns over the health of the economy will increase."
read more;
https://www.bbc.co.uk/news/articles/c7202xvpwn5o
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