While the unemployment rate dropped one tenth of a percentage point, to 8.1% from 8.2%, that appeared to be largely because more people gave up on trying to find jobs.
What Wall Street focused on was the hiring part of the report. Employers added only 115,000 workers to their payrolls in April – well below expectations.
At noon (ET) on Friday, the Dow Jones Industrial Average was down more than150 points. Nearly all radio and TV stocks fell with the market.