Wednesday, June 01, 2011

Jobs Outlook Tanks as do Stocks

More Obamanomics on parade.
NEW YORK, June 1 (Reuters) - U.S. stocks skidded on Wednesday as more weak economic data cemented fears the U.S. recovery was running out of steam and prompted Wall Street firms to slash forecasts ahead of the closely watched payrolls report on Friday.

Goldman Sachs and several other big financial institutions cut estimates for non-farm payrolls growth in May after ADP Employer Services reported much lower-than-expected growth in private payrolls last month.

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