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U.S. stock market saw sold off for a second straight session on Friday, and the Nasdaq Composite confirmed it was in correction territory after a weak jobs report stoked fears of an oncoming recession. Stocks fell sharply a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.
The Labor Department said nonfarm payrolls increased by 114,000 jobs last month, well short of the 175,000 average forecast by economists. The unemployment rate jumped up to 4.3%, near a three-year high.
U.S. heading towards recession
“Obviously the jobs number is the big headline, but we seem