Jobs Report Sends Global Stocks Lower

Wall Street stocks opened lower on Friday after the United States government reported that employers cut more jobs than expected last month. Interest rates fell as some investors sought the safety of Treasury notes and bonds.

The Labor Department reported a net loss of 85,000 jobs, while the unemployment rate stayed at 10 percent. The report signals that many jobless people are giving up on their search for work.

The latest figures also sent stocks lower in Europe, and came hours after a report that the unemployment rate in the euro zone touched double digits in November for the first time since the introduction of the single currency more than a decade ago.

Read Full Article from New York Times

- Posted: 2010-01-08 10:34:03

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