The nation’s jobless rate dropped to 4.8 percent in July, matching a 24-year low. President Clinton claimed credit from the Rose Garden, but Wall Street worried an overheated economy will push inflation higher.
The Dow average fell 28.57 points to close at 8,194.57, mostly recovered from a 120-point slide.
The unemployment report showed wage growth stalled in July. Average hourly earnings were unchanged at a seasonally adjusted $12.23.
In other reports Friday:
The National Association of Purchasing Management said its index of business activity rose to 58.6 percent from 55.7 percent in June.
The Commerce Department said Americans’ income grew 0.6 percent in June, the largest in three months, while spending increased by 0.3 percent for the second straight month.
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