Stock futures fall sharply after weak jobs report

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Breitbart:

U.S. stocks futures fell sharply Friday after a startlingly weak report on employment worsened concerns that the economic recovery is losing steam.
Employers added only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1 percent from 9 percent, the Labor Department said. That's down sharply from the average of 220,000 jobs that the economy added in the previous three months. Private companies hired only 83,000 new workers in May, the fewest in nearly a year.

The results were far below analysts' already-low expectations.

Ahead of the opening bell, Dow futures fell 146 points, or 1.2 percent, to 12,092. Standard & Poor's 500 futures skidded 16, or 1.3 percent, to 1,296. Nasdaq 100 futures dropped 28, or 1.2 percent, to 2,298.

The yield on the 10-year Treasury note fell to 2.96 percent from 3.03 percent late Thursday as investors rushed into the safety of government bonds. Yields fall as bond prices rise.

The jobs report was the latest of many signals that the U.S. economy is slowing. High gas and food prices have cut into consumer spending and natural disasters in Japan have hurt U.S. manufacturers.

The Labor Department's closely watched monthly report caps a week in which weak economic news gave the Dow Jones industrial average's largest one-day drop in nearly a year on Wednesday. Bad reports on private hiring, industrial growth and claims for unemployment benefits caused analysts to lower their projections for economic growth in 2011.