|CARLO PIOVANO, AP Business Writer|
A government report showed U.S. employers created just 69,000 jobs in May, the fewest in a year, while the unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.
U.S. consumer spending accounts for 70 percent of the economy and a fifth of world demand, so the health of the labor market is crucial for the global economy.
The data combined with poor indicators in
European' indexes tumbled, with
Asian markets closed lower with
"May's employment report clearly suggests that US labor market conditions are deteriorating again," said
Earlier, traders had been unnerved by a survey showing
"The (Chinese) data is so bad, and so clearly points to slowdown of growth momentum, that it will likely help convince policy makers that the economy needs more stimulus,"
A similar survey on
Analysts said the figures suggested the region would experience an even deeper economic downturn than previously forecast. The rising impact on strong economies like
The head of the
As fears of its break up grew in May, the euro fell nearly 7 percent during the month and was down another 0.2 percent on Friday to
The likelihood of
The economic outlook is more likely to worsen than improve. According to the latest official figures, unemployment in the eurozone remained at a record high of 11 percent in April, though it worsened in struggling countries like
Benchmark oil for July delivery slumped
The dollar fell to
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