U.S. stocks decline as August jobs data upsets

Jupiter Kalambakal – AHN News Reporter

New York, NY, United States (AHN) – Stock futures in Wall Street continued to drop Friday morning, sending the Standard & Poor’s 500 Index down for a second day after a Labor Department report revealing job generation flatlined in August.

The Dow Jones Industrial Average fell 146 points at 11,319, the S&P 500 plunged 18 points at 1,183, while the NASDAQ was down 29.7 points at 2,187. Thursday, stocks dropped as investors braced ahead of the jobs figures. Averages were 1 percent lower, ending a four-day rally.

According to the Labor Department, the unemployment rate was unchanged at 9.1 percent. American employers retained payrolls at status quo in August, failing to generate 70,000 jobs economists targeted. Some 85,000 newly employed were added in July, instead of 117,000.

Analysts expressed concern that the economy is headed for another downturn. Stocks dove in August as investors showed low confidence in the market, sparking speculation that odds of another recession had increased.

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