The S&P 500 fell as concerns relating to slow economic growth outweighed mildly positive U.S. economic data. Developed international equity markets were similarly down despite continued quantitative easing in Europe and Japan. Emerging markets fells significantly as slowing economic growth in China hampered global demand for commodities. Mutual fund investors decreased their holdings in both stocks and bonds. The unemployment rate fell from 5.3% to 5.1%. The price of oil fell from $59 per barrel to $48 during the quarter, a decrease of 18%, reflecting the general downward movement of commodities.