European stocks close lower as employment data disappoints

European stocks closed lower on Friday after a negative jobless report ‎‎offset upbeat data on the bloc’s manufacturing sector. ‎

The pan-European FTSEurofirst 300 index of top shares ended lower by 1.2 ‎‎per cent‎ at 1,432.43 points. However, it closed the last week’s trades higher ‎‎‎1.7 per cent‎, the first weekly advance in more than two months.‎

Elsewhere, the U.S. Labor Department said last week that the nonfarm ‎‎payrolls showed growth by 102,000 jobs in July, with private hiring up only ‎‎‎44,000. The unemployment rate, however, fell to a seven-month low at 4.9 ‎‎per cent‎. Analysts had expected the NFP figure to increase 99,000 in the ‎‎previous month and the jobless rate to remain at 5.2 per cent‎.‎

The euro bears got more support after a report on the eurozone’s services ‎‎sector data came in worse than estimated, shedding for a second straight ‎‎month.‎

Concerns over the debt crisis heightened after recent reports suggested the ‎‎central bank may refrain from buying the troubled countries’ bonds in big ‎‎amounts as previously expected. The Thomson Reuters’ Peripheral ‎‎Eurozone Countries Index rose 1.1 per cent‎ earlier in the session.‎

Auto stocks featured among the best performers, with Volvo gaining 4.2 ‎per ‎cent‎ after data showed industry orders in China rose above previous ‎expectations.‎