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October 06, 2023

Scorching jobs report sends markets down, bond yields up

The American Flag flying over the Treasury Department

The U.S. economy added 336,000 jobs in September, crushing expectations of a continuing labor slowdown. The news has already added more pressure to an increasingly volatile financial market.

The Bureau of Labor Statistics reported the largest monthly total of jobs added since January this morning, and the U.S unemployment rate remains at 3.8%. Worker pay is still growing faster than inflation, with average hourly earnings increasing by 4.2% in the 12 months through September.

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