Soft Payroll Report, Unemployment Rate Spikes

Nonfarm payrolls dropped 84,000 in August, versus the forecast of a 75,000 decline. July was revised from a loss of 51,000 to a decline of 60,000, and June was revised from a drop of 51,000 to a drop of 100,000. The unemployment rate, spiked from 5.7% to 6.1%, well above the Street’s forecast of an unchanged reading and the highest level since September 2003. Details from Bloomberg...