Overview

America's unemployment rate rose to 4.5% in June. Almost all the fall in employment was in manufacturing. There was more encouraging news for the rest of the economy: the National Association of Purchasing Manufacturers' index of non-manufacturing activity rose from 46.6 in May to 52.1 in June. A number below 50 is a sign of contraction; one above 50 suggests expansion. The Nasdaq Composite index fell by 7.9%, dropping below 2,000 for the first time in three weeks.