Bad Economic News From All Around

Posted: June 3, 2011 in News

Stocks extend losses after dismal jobs report

Stocks fell sharply Friday after a jarringly weak report on employment worsened concerns that the economic recovery is losing steam.

The Dow Jones industrial average and the S&P 500 are both headed for a fifth straight week of losses. That would be the longest losing streak for the Dow since July 2004 and the longest since mid-2008 for the S&P. The Dow is still up 5 percent for the year, the S&P 500 3.5 percent.


Five Places Where the Bubble May Burst

Lincoln, Neb.
Unemployment rate: 4.1%
Largest employer: The University of Nebraska

KilleenTempleFort Hood, Texas
Unemployment rate: 7.9%
Largest employer: U.S. Army

San Jose/San Francisco/Silicon Valley
Unemployment rate: 10.3%
Largest employers: A patchwork of technology companies

Pittsburgh, Pa.
Unemployment rate: 7.4%
Largest employer: The University of Pittsburgh Medical Center

Elko, Nev.
Unemployment rate: 7.9%
Largest employers: Barrick and Newmont mining companies










Employers added 54K jobs, rate ticks up to 9.1 pct

Employers in May added the fewest jobs in eight months, and the unemployment rate inched up to 9.1 percent. The weakening job market raised concerns about an economy hampered by gas prices and the Japanese nuclear disaster.

The key question is whether the meager 54,000 jobs added last month mark a temporary setback or are evidence of a more chronic problem. That total is far lower than the previous three months’ average of 220,000 new jobs per month.




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