GRIM U.S. OUTLOOK SENDSASIAN MARKETS LOWER

ASSOCIATED PRESS: Most Asian markets fell Friday as a weaker-than-expected U.S. jobs report signaled more pain ahead for the world's largest economy. . . . Optimism about the U.S. economy, a critical market for Asian-made goods, buckled after the government said employers slashed 467,000 jobs in June. That was far worse than the 363,000 that economists predicted . . . READ MORE

'TERRIBLE AND GETTING WORSE'
WASHINGTON POST: Mounting job losses rattled hopes yesterday that the economy is on track to grow later this year, showing that prospects for American workers are terrible -- and still getting worse. . . . READ MORE

'VERY SEVERE RECESSION'
NEW YORK TIMES: "The numbers are indicative of a continued, very severe recession," said Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh. "There's nothing in here to show that the economy and the market are pulling out of the grip of recession." . . . READ MORE

JOBLESS NUMBERS CONTRADICT
ADMINISTRATION'S FORECAST
WALL STREET JOURNAL: In January . . . Council of Economic Advisers Chairman-designee Christina Romer and Obama economic adviser Jared Bernstein predicted in a report that with an $800 billion stimulus, the unemployment rate would be just about 7% by this time. Without the stimulus, the rate would be at 9%. Instead, the jobless rate is now at 9.5%, despite the $787 billion stimulus passed earlier this year. . . . READ MORE