Nonfarm payrolls dropped 159,000 in September, the worst reading since March 2003 and below the forecast of a 105,000 decline. August was revised from a loss of 84,000 to a decline of 73,000, and July was left unrevised at a loss of 60,000. The unemployment rate, which is derived from a separate survey, held at 6.1%, matching the Street’s forecast. Average hourly earnings increased 0.2%, below the forecast of 0.3%, and the year-over-year rate eased from 3.6% to 3.4%.
The ISM Non-Manufacturing Composite Index fell from 50.6 in August to 50.2 in September, nearly in line with the forecast of 50.0.
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