Following a lower-than-expected US employment data and tariff pronouncements that clouded the outlook for growth in energy consumption, oil prices fell on Friday. West Texas Intermediate, the index that monitors US crude, sank 2.79 percent to end at $67.33 a barrel on Friday, its worst decline in a single day since June 24. Meanwhile, Brent, the benchmark for two-thirds of the world’s oil, lost 2.83 percent to $69.67 a barrel at the market close.
Friday’s US jobs data showed employment growth at a far lower rate than anticipated. 73,000 new positions were created by companies, according to the Labour Department’s July employment report. The amount was below the 100,000 jobs that the markets had anticipated, and this was made worse by a lower revision for the May and June payrolls. The unemployment rate increased little to 4.2%.
“This report raises serious concerns,” stated Nigel Green, CEO of the international financial advice firm deVere Group. “It’s terrible enough with the headline miss. However, the extent of the changes tells the whole tale. The employment market has been far weaker than anyone realized, and it is not simply slowing down.
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