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Stocks fall as unemployment rises
Published July 2, 2009 - BizTimes Daily
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The stock market plummeted today as investors reacted to the news that the U.S. economy shed jobs at a faster pace in June than in May.
U.S. nonfarm payrolls shrank by 467,000 in June, higher than the 322,000 jobs lost in May.
The national unemployment rate ticked higher to 9.5 percent in June from 9.4 percent in the previous month.
On the other hand, orders for U.S.-made factory goods climbed 1.2 percent in May on a big jump in orders for transportation equipment, the U.S. Commerce Department reported today.
Still, the Dow Jones fell by more than 180 points by mid-morning today on the cusp of the holiday weekend. Local stocks in the BizTimes Stock Index followed suit, with decliners outnumbering advancers. The largest local decliners this morning were Manpower Inc. (down $2.61 to $40.71), Johnson Controls Inc. (down $2.14 to $20.62) and Joy Global Inc. (down $1.74 to $34.51). The largest local advancers this morning were Strattec Security Corp. (up 19 cents to $14.60) and Twin Disc Inc. (up 8 cents to $6.70).
