Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Friday, June 4, 2010

Markets tumble on weak jobs data

US stocks felled sharply on Friday after May payrolls indicates private hiring was lower than expected, raising fears of the strength of the economic recovery.

Labor department reported 431,000 jobs was added to the US economy but of that total, 411,000 was hired for US Census (jobs which are short term and temporal): falling short of the 513,000 expected by Wall Street.
This shows that there is no much economic ability to generate ongoing job growth and that raises question of sustainability of the recovery, " said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley Pennsylvania .