More jobs were lost than expected as nonfarm payrolls fell 263,000 last month, much more than the estimate that called for a 175,000 decline. The unemployment rate rose from 9.7% to 9.8% and average hourly earnings gained 0.1%.
Factory orders unexpectedly fell for the month of August, declining 0.8%, compared to the consensus of economists which called for a flat reading.
Details from Bloomberg...
The Dow Jones Industrial Average fell 22 points (0.2%) to close at 9,488, the S&P 500 Index dropped 5 points (0.5%) to 1,025, and the Nasdaq Composite gave back 9 points (0.5%) to 2,048. Crude oil fell $1.14 to $69.68 per barrel, and the Bloomberg gold spot price increased $3.15 to $1,002.35 per ounce. For the week, the DJIA and S&P 500 Index both lost 1.8%, while the Nasdaq Composite was off 2.1%.
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