The major stock indexes fell sharply on Monday morning, reflecting heightened fears that the U.S. economy may be headed for a serious economic slump.
The decline highlights the level of worry among investors since economic data released last week showed unemployment rising and job growth slowing more than expected. Surveys of manufacturers also indicated a steep fall off in activity in the sector, which is often a bellwether for the economy.
The economy added just 114,000 jobs in July, according to the Department of Labor, significantly below the 180,000 forecast. Seperate surveys of business executives known as purchasing managers by the Institute for Supply Management and S&P Global both showed that factory activity had contracted in the month.
The Dow Jones Industrial Average fell 2.3 percent after the opening bell. The Nasdaq Composite plunged four percent. The S&P 500…
