Weak U.S. Hiring Adds to Global Gloom

from NY Times:




The United States economy gained a net 69,000 jobs in May, the Labor Department said Friday, a dismal showing that reflected mounting fears of a global slowdown. The unemployment rate rose to 8.2 percent from 8.1 percent in April.

It was the third mediocre performance by the job market in three months, after a period of solid growth over the winter that raised hopes that the recovery was gaining momentum.

Global financial markets, already weak in early trading Friday, sank further on the numbers. Futures in the Dow Jones industrial average, a gauge to how Wall Street will open, dropped more than 200 points, and the main index of the German stock market fell 3.7 percent.

At the same time, yields on United States and German government bonds also slumped more as traders sought safer invesments. The 10-year Treasury yield fell to another record, 1.46 percent, and the German tw0-year bond ell below zero. ................(more)

The complete piece is at: http://www.nytimes.com/2012/06/02/business/economy/us-added-69000-jobs-in-may-jobless-rate-at-8-2.html?_r=1&hp