First the scoreboard:
Dow: 12,129, -277.41, -2.21%S&P 500: 1,277, -32.3, -2.43%NASDAQ: 2,747, -79.8, -2.85%
And now the top stories:
Countries around the world published their May manufacturing PMI reports.
The official PMI number fell to 50.4, missing expectations for a more modest decline to 52.
The HSBC China Manufacturing PMI report fell to 48.4, which was worse than the preliminary figure of 48.7.
HSBC noted that employment fell at the fastest rate in 38 months.
SEE ALSO: The Jobs Situation In 22 Major Countries >
Spain, Italy, France, Germany, and Greece all reported manufacturing PMI numbers below 50, which signals contraction in the industry.
However, the big disaster came out of the UK, which reported a PMI number that dove to 45.9 from 50.2 in April.
The market sell off deteriorated sharply on the tail of the UK report.
SEE ALSO: How The Global Economy Changed In One Month >
We were then horribly disappointed by the mostThen the mother of all economic data: the US jobs report.
The unemployment rate climbed to 8.2 percent from 8.1 percent a month ago.
Bank of Tokyo Mitsubishi UFJ’s Chris Rupkey pointed to the 624k increase in the labor force.
Don’t Miss: Former Hedge Fund Manager Warns Of ‘THE END GAME’ In Terrifying Presentation >.
Ciaran Song is a business journalist based in Seoul, Korea. Ciaran has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Ciaran spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.