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Jobs Report on Friday Confirms Weak Economic Growth, Stocks Plunge

By: , dated July 6th, 2012
The latest jobs report was released on Friday, confirming weak economic growth and causing US indices to decline. The monthly net hiring figure for June was 80,000 jobs–the third month in a row under 100,000. The IMF maintains its cautious view on the global economy and is likely to lower its global growth outlook. Following the jobs report, oil fell more than 2%. Against the euro, the dollar has now reached a two-year high as Spanish industrial production added concern to Europe’s debt crisis. In corporate news, General Motors (GM) rebounded this week after both the US and China reported stronger than expected auto sales. After the European Central Bank cut its deposit rates to zero, both JPMorgan (JPM) and Goldman (GS) closed European money-market funds to new investments.

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