Stocks beaten by jobs Report shows fewer hires

US stocks slumped for the third straight day on Friday after a government jobs report showed slower hiring, suggesting a slowdown in the job market.

The Dow Jones Industrial Average fell 629.69 points, or 2.10%, to 29,297.25. The S&P 500 fell 104.68 points, or 2.80%, to 3,639.84 and the Nasdaq Composite fell 430.91 points, or 3.80%, to 10,652.40.

The US Department of Labor reported Friday that the country’s unemployment rate fell to 3.5% from 3.7% in August. The Labor Department reported that a seasonally adjusted 263,000 jobs were added in September, down from 315,000 in August and 400,000 jobs per month in the first half of the year.

“We’re seeing a slowdown in labor demand,” Sarah House, senior economist at Wells Fargo, told the Wall Street Journal. “But we still have a long way to go to restore the balance between labor supply and demand.”

The declines came after a roaring start to the week as the three leading indexes rose on Monday and Tuesday, reflecting the economic uncertainty of recent weeks.

The Federal Reserve hiked interest rates by 0.75% last month, the third straight hike by that rate. Fed officials have hinted that more rate hikes are likely, raising concerns that the central bank could help push the economy into recession if it acts too aggressively to curb inflation.

Among stocks that fell was Apple (AAPL), which closed at $140.09, down $5.34 or 3.67%. Qualcomm (QCOM) stock price fell $4.37, or 3.49%, to close at $120.91. Stocks beaten by jobs Report shows fewer hires

Fry Electronics Team

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