October 8, 2010

UNEXPECTEDLY! Economy Sheds 95,000 Jobs; Rate at 9.6% as Easing Looms. “The U.S. economy unexpectedly shed jobs in September for a fourth straight month as government payrolls fell and private hiring was less than expected, hardening expectations of further Federal Reserve action to spur the recovery. . . . Analysts polled by Reuters had expected overall payrolls would be unchanged, with private-sector hiring gaining 75,000. The government revised data for July and August to show 15,000 more jobs lost than previously reported. It also said its preliminary benchmark revision estimate indicated employment in the 12 months to March had been overstated by 366,000.”

The reason this stuff is “unexpected” is that not enough people are reading Federalist No. 62.

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