Jobs Report on Friday Confirms Weak Economic Growth, Stocks Plunge
PUBLISHED ON: Jul 6, 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.
Word on the Street
- June jobs report knocks Wall Street even lower, the third month in a row with a number under 100,000.
- Pfizer (PFE) and India's Ranbaxy Laboratories sued by five large US retailers for a generic verson of Lipitor sales delay.
- Brent crude falls more than 2% after the US job growth report, reinforcing global economic concerns.
- After deposit rates were lowered to zero by the ECB, JPMorgan Chase (JPM) shuts down 5 money-market funds.
- Special probe launched into Deutsche Bank over suspected interbank lending rate manipulation.
- Gold and silver likely to have downward trends despite current conditions.
- Yahoo (YHOO) interested in Hulu's Jason Kilar for its permanent CEO position, along with others.
- General Motors (GM) Shifts Gears on Strong US and China Sales.
- How to get your team to be more innovative and creative by playing "Kill a Stupid Rule."
- LinkedIn's Reid Hoffman on why you should run your career like a startup.
Posted in ...Daily Market Commentary