U.S. stocks fell sharply on Friday after dismal jobs data heightened the impression the economy is stuck in a rut of slow growth.

News that the world's largest economy created just 80,000 jobs in June - far fewer than needed to bring down the 8.2 percent unemployment rate - added to evidence that Europe's debt crisis is weighing on global growth. 

The report followed news this week that U.S. manufacturing shrank in June and the service sector growth slowed to its lowest level since January 2010, which might spur speculation the Federal Reserve will take more action to stimulate the economy.

Though Fed action might cheer some investors if it were to come, many are starting to doubt the ability of central banks to counter the economic gloom, while Friday's number also might not be bad enough to prompt action.

The selling on Wall Street left the S&P 500 on track for losses of about 0.7 percent on the week. At current levels it would also be the worst week in just over a month.
On the day, the Dow Jones industrial average was down 155.19 points, or 1.20 percent, at 12,741.48. The Standard & Poor's 500 Index was down 14.90 points, or 1.09 percent,. The Nasdaq Composite Index was down 42.99 points, or 1.44 percent, at 2,933.13.
Spanish government bonds rose back to levels seen as unsustainable a day after the European Central Bank cut rates to a new record low and China and Britain also loosened monetary policy.
Shares of Informatica Corp plunged as much as 35 percent after the data-integration software maker forecast a weak second quarter hurt by delayed contracts. 

Informatica was last trading down 29.7 percent at $30.48.
Networking shares took a hit after gear maker Acme Packet Inc forecast second-quarter results below expectations on continued weakness in the North American telecom service provider market.
The Arca Networking index  was down more than 3 percent, while Acme Packet tumbled 13.80 percent to $15.86.
Skyrocketing sales of the Galaxy smartphone drove a record quarterly profit of $5.9 billion at Samsung Electronics  This is likely to stretch the firm's lead over rivals Apple and Nokia . Apple shares were off 1.26 percent at $602.27.

Thousands of homes in dark

On Monday the announcement of more than 70,000 job cuts pushed thousands of homes into darkness due to Global economic downturn. The global job losses proved that the financial crisis that erupted on Wall Street 2 years ago has now infected the whole global corporate world, engulfing industries ranging from health care to heavy equipments manufacturers.
The general public view believes, its not due to the global recession but the fact that with the current scandals coming out of the carpet and the World Bank tightening its hands on corporates has made the companies to cover them by this major job cuttings and see them as another scandal jointly performed my major companies.
From the recent history of job cuts :-

• 4000 post in Britain were cut down, UK's largest steel maker owned by TATA alone shedded 2500 employees.
• In US, a total of approx. 45000 workers were sacked many times higher than Jet Highways 1900, later taken back and slashed payrolls.
  
• In US jobs dissapering into home building and mortagage operations.
• Last week, Microsoft announced a major job cut.
• 22 out of 30 companies that are part of Dow Jones Industrial s have announced job cuts since oct.

In India soon this is expected to be felt in fields of gems and jeweleries, textiles and IT enabled services. Now US is solely seems to have eye on OBAMA's workout list.