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Karim writes:

Apart from net revisions, this employment report pretty much stinks:

  • Jobs -190k
  • UE rate from 9.8% to 10.2%; ‘Total’ unemployment rate from 17% to 17.5%
  • Hours down 0.2%
  • Difffusion index down from 37.5 to 33.8
  • Median duration of unemployment up 1.4 weeks to 18.7
  • Manufacturing jobs -45k to -61k (so much for ISM employment index as a leader)
  • Retail and construction still soft; modest improvement in temp jobs and education