Stocks off sharply after disappointing jobs report - KWWL - Eastern Iowa Breaking News, Weather, Closings

Stocks off sharply after disappointing jobs report

NEW YORK (AP) -- A monthly report on unemployment that fell far short of expectations is sending stocks and interest rates sharply lower.

Investors got an unpleasant surprise from the Labor Department's report that 431,000 jobs were created last month. But 411,000 of those jobs were from the government's hiring of temporary census workers. Economists had forecast employers would add 513,000 jobs.

Hiring by private employers was particularly weak, which is raising concerns that the economic recovery remains slow.

The Dow Jones industrial average is down 145.18, or 1.4 percent, at 10,110.78. The Standard & Poor's 500 index is down 15.75, or 1.4 percent, at 1,087.08, while the Nasdaq composite index futures is down 48.78, or 2.1 percent, at 2,254.25.

Powered by Frankly