Stocks Plunge on Dire Jobs Numbers
Stocks Plunge on Dire Jobs Numbers. The "Financial Crisis 2012" is playing out just like we said it would back in November of 2011 Financial Crisis 2012 European Banking System Bailout by the Federal Reserve.
Greece, Italy, Spain, Portugal, and Germany are all weighing on European markets and the economic numbers in the United States were extremely poor. U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up to 8.2 percent from 8.1 percent. Economists had forecast a gain of 158,000 jobs.
Gold's Surge, Stocks Purge, And Treasury Yield Records Emerge.U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.
The Labor Department also said 49,000 fewer jobs were created in March and April than first expected.
The price of gold, which was trading at about $1,550 an ounce before the report, shot up almost $40. For much of the past three years, investors have seen gold as a safe place to put their money during turbulent economic times.
The job picture also darkened elsewhere in the world. Unemployment in the 17 countries that use the euro currency remained at a record-high 11 percent in April.
In Spain, the latest flashpoint in a crisis over European debt, unemployment spiked to almost 25 percent, and youth unemployment ballooned to 51.5 percent, up from 45 percent last year.
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