US employment: Settling for less
The August employment report was better than expected as private employers added 67,000 jobs, above the consensus forecast for a 40,000 gain, and the prior month was revised up to a 107,000 increase from the first estimate of 71,000. The unemployment rate rose to 9.6% from 9.5%, as expected. It is testament to how beaten down expectations have become that the stock market rallied strongly and bonds sold off on a 67,000 increase in private hires and an increase in the unemployment rate.
Stepping
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