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December 2, 2008 7:51:17 PM CST

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Global Stocks Down as US Job Losses Rattle Markets

Posted Sep 5, 08 2:00 AM CDT in World,  Business 

(Newser) – Stocks fell in Europe and Asia today, marking the worst weekly slump in 6 years, according to the MSCI World Index. Markets were depressed by grim news expected in the latest US employment report due out this morning, reports Bloomberg. Economists predict figures will show a US loss of 75,000 jobs last month—the worst drop in almost 5 years. "The labor market pretty much hit the skids in August,'' said an analyst.

Observers fear the data will convince investors that recession is inevitable.The unemployment rate could soon top 6%, predicted the president of the Federal Reserve Bank in Boston. That would mean a total of 2 million jobs lost since the credit crunch hit last year. Indicators suggest that last month's losses could be even higher than 75,000.

Sources: Bloomberg, Bloomberg, www.marketwatch.com

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Unemployed workers enter the employment training facility, JobTrain, in Menlo Park, Calif., Wednesday, July 30, 2008.   (AP Photo/Paul Sakuma)
Economist predict that the August employment report will show the US economy lost 75,000 jobs in August.   ((c) Daquella manera)
In this July 30, 2008 file photo, jobs brochures are seen on display at a state unemployment office in Sunnyvale, Calif.   (AP Photo/Paul Sakuma, file)
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