Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, fueling fears of a broader economic slowdown, the Labor Department reported Friday.
Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June and below the Dow Jones estimate for 185,000. The unemployment rate edged higher to 4.3%, its highest since October 2021.
Stocks slid Friday as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.
The Dow Jones Industrial Average fell 721 points, or 1.8%. The S&P 500dropped 2.3%, while the Nasdaq Composite lost 3.1%.
Friday’s sell-off pushed the Nasdaq into correction territory — down more than 10% from an all-time high set nearly a month ago.
The S&P 500 and Dow were 6% and 4% below their all-time highs.
The Nasdaq-100, which is made up of the 100-largest names in the Composite, was deeper in a correction, trading 11% below its 52-week high.
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