Broad-based weakness.

• Payrolls -159k, net revisions +4k.
• Unemployment rate rises from 6.055% to 6.125%.
• Avg hourly earnings up 0.2%.
• The shocker was hours worked down 0.5% and down 2% at annualized rate in Q3.
• Labor income = payrolls X average hourly earnings X hours worked.
• Hours data implies negative GDP in Q3 and very weak handoff to Q4, where some forecasts are already in -2% to -3% area for real GDP.
• Diffusion Index down from 44.7 to 38.1.

• Manufacturing -51k
• Retail -40k
• Construction -35k
• Finance -17k
• Temp Services -24k
• Education +25k
• Government +9k