WEAK: JUST 169,000 NEW JOBS CREATED IN AUGUST, BAD DOWNWARD REVISIONS, LABOR FORCE PARTICIPATION RATE FALLS
DeGolyer Library, Southern Methodist University, Dallas, Texas
There were just 169K new jobs created in August.
What's worse. Last month was revised SHARPLY down from 162 to 104K. That is quite ominous.
The unemployment rate did, however, drop to 7.3%, but that's basically just due to continued exodus from the workforce.
The participation rate fell from 63.2% from 63.4%.
Snap reaction: This could delay the taper a bit, as gold is surging, the dollar is tumbling, the US 10-year is seeing yields go down, and stocks are actually gaining.
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