US markets slip on disappointing jobs report

06 Apr 2013 Evaluate

The US markets fell on Friday, with the S&P 500 index sustaining its worst weekly hit this year, after employers added less than expected net new jobs in March. The United States created the fewest number of jobs in March in nine months, adding to a string of reports suggesting companies have cut back on new hires and that the economy is slowing again. The US added a seasonally adjusted 88,000 jobs, the smallest increase since last June and nearly half-a-million people stopped looking for work last month. The February net job creation was revised higher to 268,000 from 236,000 and January tally was revised to 148,000 from 119,000. Besides, the Federal Reserve reported that US consumers increased their debt in February by a seasonally adjusted $18.1 billion, the most since last August. The increase is above January’s $12.7 billion pace. Monthly debt rose at a 7.8% pace in February, after a 5.5% pace in the prior month. The increase in consumer credit in February was larger than expected.

However, strong production of oil and natural gas in the United States helped push the US trade deficit down in February. The nation’s trade deficit narrowed 3.4% in February to $43.0 billion from $44.5 billion in January, as the US imported the lowest amount of crude oil in 16 years. The trade deficit has been volatile in recent months, mostly due to swings in oil. The narrowing of the overall deficit was unexpected.

Meanwhile, under a proposal being drafted by Senate Democrats and Republicans in order to curb the size of too-big-to-fail banks the report stated that the largest US banks, including JPMorgan Chase & Company and Bank of America Corporation, would have to hold capital in excess of Basel III standards. The current draft of the legislation would require US regulators to replace Basel III requirements with a higher capital standard. The measure comes amid calls by regulators including Federal Reserve chairman Ben S. Bernanke’s call to do more to rein in the size of so-called too-big-to-fail banks, a term used to describe institutions perceived to be so big and important that taxpayers would be compelled to prevent their failure.

The Dow Jones Industrial Average lost 40.86 points or 0.28 percent to 14,565.20, the S&P 500 dropped 6.70 points or 0.43 percent to 1,553.28 and the Nasdaq slipped 21.12 points or 0.66 percent to 3,203.86.

The Indian ADRs closed mostly in red on Friday, ICICI Bank was down 0.55%, Infosys was down 0.52% and HDFC Bank was down 0.45%. On the other hand, Dr. Reddy’s Lab was up 0.26% and Sterlite Industries was up 0.12%.

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