US job losses of 467,000 in June were higher than expected, and the unemployment rate rose to 9.5 percent, its highest level since August 1983, damping incipient hopes of a recovery. World markets took the news badly. The Dow Jones industrial average lost 2.5 percent 2 July, while the broader S&P 500 shed 2.9 percent. European and Asian markets slumped across the board, as well. After slightly hopeful signs that the recession was bottoming out, investors worldwide appeared to lose confidence in a rapid recovery. BBC, Bloomberg, Reuters
Posted by Sean Ecker on 3 July 2009 at 7:47 |
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This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 3 July 2009.
Filed under: World news
Tags: Dow Jones, economic recovery, job losses, S&P 500, stock markets, unemplyoment
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