Bad news for job growth and the economy. The Labor Department reported this morning 115,000 jobs were added in the month of April, well below estimates of 163,000. The unemployment rate fell slightly though, to 8.1% from 8.2%. Analysts expected the unemployment to stay at 8.2% in the month. The drop is most likely due to the 522,000 unemployed who stopped looking for work.
On a positive note however, the initial additions in February and March on jobs were both revised up from the previous reports. March was revised to 154,000 from a previous 120,000 and February was up to 259,000 from 240,000.
With this report, and worries about Europe and slowing growth in China, investors are selling in the early trading session. Stocks are currently in the red, with all markets lower by more than a half a percent, with the Nasdaq leading the losses at over 1% lower.