The New York equities markets were lower in early afternoon trade after the US Labor Department released new data showing that 92,000 jobs were created in July, lower than the 135,000 new jobs that had been expected and less than the 132,000 new jobs created in June.
Unemployment was up to 4.6 percent in July after a reading of 4.5 percent in June.
The Dow Jones Industrial Average was 0.6 percent lower to 13,380.99, while the Nasdaq Composite fell 0.8 percent to 2,555.59 and the S&P 500 had dropped 0.9 percent to 1,458.85.
American Home Mortgage (NYSE: AHM) was 67 cents lower to 78 cents, down from around $10 a week ago, after it announced Thursday that it had stopped taking applications for mortgages and was laying off most of its 7,000 employees, effective today.
Countrywide Financial (NYSE: CFC) dropped $1.38 to $25.39.
Elsewhere in the financial sector, Bear Stearns (NYSE: BSC) fell $3.28 to $112.35 after Standard & Poor’s cut its credit rating to negative on fears that earnings will fall.
In the automobile manufacturing sector General Motors (NYSE: GM) dropped 79 cents to $32.60, but US-traded shares of Toyota (NYSE: TM; LSE: TYT; TYO 7203.T) were up 94 cents to $119.53.
Among consumer goods manufacturers, Proctor & Gamble fell 31 cents to $62.98 after it dropped its full-year profit prediction slightly.