95,000 Jobs Lost But Stocks Rally On Fed Rescue Hopes
10/08/2010 07:21 PM ET - Employers unexpectedly shed 95,000 jobs in September as government layoffs outweighed modest private hiring, the Labor Department said Friday, but stocks rallied on stepped-up expectations that the Federal Reserve will take aggressive action soon. Wall Street had expected no net hiring last month, but a 159,000 drop in government jobs swamped a 64,000 gain in business payrolls. Meanwhile, revised July and August figures showed bigger job losses ... More »
On Fed Rescue Hopes
10/08/2010 07:21 PM ET - Employers unexpectedly shed 95,000 jobs in September as government layoffs outweighed modest private hiring, the Labor Department said Friday, but stocks rallied on stepped-up expectations that the Federal Reserve will take aggressive action soon. Wall Street had expected no net hiring last month, but a 159,000 drop in government jobs swamped a 64,000 gain in business payrolls. Meanwhile, revised July and August figures showed bigger job losses ... More »
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