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US shares slide after jobs report US shares slide after jobs report
(about 9 hours later)
(Open): Stocks on Wall Street opened lower after the US unemployment rate fell to 5.1% last month, the lowest since April 2008. (Close): Stocks on Wall Street closed lower after the US unemployment rate fell to 5.1% last month, the lowest since April 2008.
The figures also showed the US added 173,000 jobs in August. The figure was below expectations, but the totals for June and July were revised up.The figures also showed the US added 173,000 jobs in August. The figure was below expectations, but the totals for June and July were revised up.
The Dow Jones fell 205.12 points, or 1.25%, to 16,169.64, while the S&P 500 dropped 23.68 points to 1,927.45. The Dow Jones fell 272.38 points, or 1.66%, to 16,102.38, while the S&P 500 dropped 29.91 points to 1,921.22.
The Nasdaq was down 44.36 points at 4,689.14. The Nasdaq was down 49.58 points at 4,683.92.
The latest jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates.The latest jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates.
Chris Williamson, chief economist at research firm Markit, said the latest figures gave "frustratingly little new insight into whether the Fed will start to hike rates".Chris Williamson, chief economist at research firm Markit, said the latest figures gave "frustratingly little new insight into whether the Fed will start to hike rates".
"A bumper payrolls number would have sealed the case for higher interest rates in many people minds, while a low number would have dealt a blow to any chances of tightening of policy at the next meeting. Instead, we had something in the middle," he said."A bumper payrolls number would have sealed the case for higher interest rates in many people minds, while a low number would have dealt a blow to any chances of tightening of policy at the next meeting. Instead, we had something in the middle," he said.
"Dig deeper and the labour market report should in fact add to rate rise odds, but recent financial market volatility and growth jitters in China mean it would be seen by many to be a risky move to start hiking rates any time soon.""Dig deeper and the labour market report should in fact add to rate rise odds, but recent financial market volatility and growth jitters in China mean it would be seen by many to be a risky move to start hiking rates any time soon."