Monday, September 5, 2011

Asian stocks plunge on US job data

US Unemployment stands at 9.1 percent

Source: Press TV

Asian stock markets have plummeted on Monday amid concerns of deteriorating global economic downturn in the wake of disappointing US job data.

Japan's Nikkei average skidded nearly 2 percent, while South Korea's KOSPI slipped 4.4 percent. Benchmarks in Singapore, India, Taiwan, and China were also down, Bloomberg reported.

Meanwhile, stock markets in Europe also took a nosedive at the start of trading on Monday. London's Footsie 100 Index dropped 1.6 percent at the open, while the DAX in Frankfurt tumbled by over 2 percent.

The dismal US jobs report sent the euro to its lowest level against the dollar in Asia as risk appetite was eroded by renewed worries over Greek debt crisis and fears of a possible recession in the US economy.

The US economy failed to add jobs last month for the first time in almost a year, raising the odds of a new recession and putting pressure on President Barack Obama and the Federal Reserve to revive a waning employment market.

Currently the unemployment rate in the United States stands at 9.2 percent, the worst level since President Ronald Reagan was in office in the 1980s.

Experts say that current policies are crippling job creation efforts and at the rate at which America has lost jobs, an employment recovery may take years to take effect.

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