NEW YORK — Stocks retreated on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.
The Dow Jones industrial average dropped 188 points to 12,708 at noon on Friday. The loss wiped out the Dow's gain for the week.
The unwillingness of U.S. employers to add jobs quickly shows that the economy is still struggling three years after the recession officially ended. An average of just 75,000 jobs were created every month in the April-June quarter, far below the 226,000 created every month in the first three months of the year.
"It shows the U.S. economy is losing momentum," said Sharon Stark, chief market strategist at the brokerage firm Sterne Agee.