Stocks Drop on Weak Jobs Report

    LOS ANGELES, CA - MAY 31: Job seeker George Frady, 21, completes a job application at Los Angeles Mission's 11th annual Skid Row Career Fair on May 31, 2012 in Los Angeles, California. According to a Labor Department report, the number of people seeking unemployment benefits rose last week to a five-week high. The same federal government agency said that weekly applications for unemployment aid rose 10,000 to a seasonally adjusted 377,000. (Photo by Kevork Djansezian/Getty Images)

    Kevork Djansezian / Getty Images

    The U.S. unemployment rate inched up to 8.2 percent in May, with the U.S. adding just 69,000 jobs in May, according to the Bureau of Labor Statistics. It is the weakest jobs report in a year and added far fewer jobs than the two months prior, leaving many wondering if the economy was sputtering. Economists blamed Europe's spiraling crisis and a slowing of Chinese growth for the low factory activity. Analysts say the economy needs to add 125,000 jobs a month to keep the unemployment rate steady. The stock market took a tumble on Friday after the weak jobs report, dropping over 200 points by midday and erasing all of 2012's gains.

    Read it at Bureau of Labor Statistics