Markets slide as US jobs stagnate

• Shares slip on both sides of Atlantic

• George Osborne accused of 'sitting on hands'

• Obama faces calls to stimulate economy

the Guardian 

2 September, 2011

Stock markets dived on Friday after weak US jobs figures, news of a slump in UK construction orders and further wrangling over the eurozone's Greek bailout unnerved investors.

The FTSE was down 137 points at 5280 while the US Dow Jones industrial average closed down 253 points, or 2.2%, at 11,240. Frankfurt and Paris followed the downward trend, with both losing more than 3% of their value.

Politicians on both sides of the Atlantic are expected to come under pressure to reverse the decline in growth rates that is pushing western economies to the edge of a second recession in three years. Declines in business and consumer confidence have hit manufacturing and other key sectors, with knock-on effects for jobs and consumer demand.

For article GO HERE