The Dow Jones Industrial Average
A disappointing jobs report ruled the day, as the Department of Labor reported that the economy added just 115,000 jobs in April, well short of expectations of 170,000. The unemployment rate ticked down to 8.1%, but that was because prospective workers dropped out of the job hunt, not because meaningful job growth put people back to work. The percentage of working-age Americans in the labor force actually dropped to its lowest figure in 30 years, and the percentage of men dropped to its lowest point since data on that figure started being collected in 1948. For the month, the private sector added 130,000 jobs, while 15,000 government jobs were shed. The April report marks the third consecutive month of declining job growth.
The news weighed heavily on the blue chips, as all 30 dropped during the session. Energy, tech, and financial sectors seemed to be the hardest hit. Oil prices slid nearly 4% to less than $99 a barrel, the lowest point in more than two months, on worries about the strength of the general economy. Chevron
One diamond in the rough today was LinkedIn
Finally, elections in France and Greece over the weekend are likely to erase memories of the jobs report come Monday. Look for that to move markets at the start of next week.
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