HB NEW YORK. Poor start on Wall Street: Disappointing employment data and re-kindled concerns about the debt crisis in Europe, the U.S. stock markets on Friday moved to the start of trading in the cellar. The number of employees in the U.S. increased in May as strong than it has been ten years. However, this was due largely to recruitment for a population census. Moreover, a surprisingly large budget hole poked in Hungary fears of a spillover of the debt crisis in Eastern Europe.
The Dow Jones index of the default values fell in the first minutes by 1.6 percent to 10,090 points. The broader S & P 500 also lost 1.6 percent to a 1085 counter. The index of technology exchange Nasdaq There also 1.6 percent at 2265 points.
According to the Ministry of Labour, the number of employees rose in May at 431 000, however, were 411 000 employed by them solely because of a census. "This shows that the economy is much weaker than most people have thought," said Gary Shilling, president of an investment research firm in Springfield. Analysts had expected 513 000 new employees.
The mood dampened by a Hungarian government spokesman also comments that, because of the large budget hole in the country give only a slight chance to avoid a similar crisis as in Greece. This statement stressed that the nerves of traders investors because of debt problems in Europe are already strained.
As in Europe also fell on Wall Street tracks from the financial sector under pressure. Was triggered by speculation about problems in the derivatives business at the French Societe Generale. So lost as the papers of Citigroup 2.3 percent.