The markets are reacting to the bad news concerning unemployment in the US which was reported today.  At the time of this post, the Dow was down 186 points. 

“Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy’s road to recovery will be bumpy….All told, 14.7 million people were unemployed in June. If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.”

Link: http://www.guardian.co.uk/world/feedarticle/8589028

Michael