Dow dives more than 700 points after July jobs report misses expectations
CNN
Stocks slid Friday as a disappointing jobs report added to fears that the US economy is weakening.
Stocks slid Friday as a disappointing jobs report added to fears that the US economy is weakening. The Dow fell 705 points, or 1.8%, Friday morning. The S&P 500 lost 2.4% and the Nasdaq Composite declined 3.2%. That puts the Nasdaq in correction territory, or more than 10% off its most recent high on July 10. The US economy added just 114,000 jobs in July, according to Bureau of Labor Statistics data released Friday. That’s far below economists’ estimates of 175,000 jobs added. The unemployment rate surged to 4.3% from 4.1%, above expectations for it to stay steady. That comes a day after stocks sold off sharply on soft economic news. Data Thursday revealed that first-time applications for jobless benefits rose last week to its highest tally since last August, while the number of claims filed by people who have received unemployment benefits for at least a week jumped to its highest level since November 2021. Elsewhere, fresh data from the Institute for Supply Management revealed that US manufacturing activity fell in July from the month before, marking a fourth-straight month of contracting.
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