It was a rough trading day on Wall Street and across Europe Wednesday, as signs of slower economic growth and Europe’s debt concerns rocked investor confidence.
Parts of the U.S. stock market have turned negative for the year as investors grapple with signs of slower economic growth and with concerns that the long-running European debt crisis isn’t getting resolved.
In the United States, the massive services sector grew in July at its slowest pace in a year-and-a-half, according to the Institute for Supply Management.
Meanwhile, the private sector added 114,000 new jobs in July, more than forecast, in data compiled by payroll company, ADP.
But layoff announcements surged to a 16-month high as planned corporate layoffs overtook government job cuts for the first time in seven months, according to findings by consultants Challenger, Gray & Christmas.
The numbers are doing little to inspire confidence ahead of Friday’s important payroll and unemployment data released by the Labor Department.