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08-Dec2018

US markets witness bloodbath on disappointing jobs data

Extending southward journey for third straight session, the US markets ended the Friday's trade sharply lower with major settled with a cut of around three percent. Sentiments remained dampened after the Labor Department's closely watched monthly jobs report showed U.S. employment increased by much less than expected in the month of November. The Labor Department said non-farm payroll employment rose by 155,000 jobs in November after surging up by a downwardly revised 237,000 jobs in October. The street had expected employment to climb by about 200,000 jobs compared to the jump of 250,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate in November remained unchanged for the second straight month at 3.7 percent, holding at its lowest level since hitting 3.5 percent in December of 1969. Average hourly employee earnings rose by $0.06 to $27.35 in November, reflecting a 3.1 percent increase compared to the same month a year ago. The annual rate of growth was unchanged from October. Lingering skepticism about a U.S.-China trade agreement also weighed on the markets even though President Donald Trump tweeted, “China talks are going very well”.

Dow Jones Industrial Average declined 558.72 points or 2.24 percent to 24388.95 and S&P 500 lost 62.87 points or 2.33 percent to 2633.08 and Nasdaq was down by 219.01 points or 3.05 percent to 6969.25.


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