Stock markets on both sides of the Atlantic tumbled on Thursday as a bigger-than-expected fall in US jobs last month dashed hopes that the US was moving out of recession. The data showed that the number of people in employment fell 467,000 in June and the unemployment rate rose from 9.4% to 9.5%, its highest for 26 years. President Barack Obama called the jobs data “sobering”, but expressed confidence in a recovery soon. The figures sent shares in the US and Europe and commodity prices sharply lower.

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