A Step Backwards for the Job MarketThe labor market recovery took a step back in September. Data showed a much larger decline in nonfarm payrolls than anticipated—the economy lost 263,000 jobs on net in September, and cumulative revisions for July and August knocked off another 13,000 jobs. Consensus forecasts were expecting a loss of around 180,000. The unemployment rate performed as expected, rising 0.175 of a percentage point to 9.8%. The average workweek retreated to 33 hours, the shortest on record, and average hourly earnings rose only 0.1% over the month....
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