125,000 drop in non-farm payrolls, biggest decline since October 2009. Unemployment lowers to 9.5 %, however this was due to 652,000 leaving the labor force and are no longer being counted. Bright spot - 83,000 new private sector jobs created. Economists report overall slowing in job growth and predict unemployment rate could creep up to 10% in the coming months. Average hourly wages were lower. Market reaction - dollar dropped against the Euro, oil fell in anticipation of slower growth, major indexes were little changed at the open but ended moderately down at the close.C. Cohn
Cohn-Reilly Report / News Flash
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