Aug. Nonfarm Payrolls: Unchanged vs. +75K expected, +85K prior (revised from +117K). Unemployment remains at 9.1%, as expected. June growth was also revised to +20K from +46K.
The report shows a dramatic slowdown in private-sector hiring to be the main culprit. While public-sector job cuts fell to 17K in August from 70K in July, growth in private sector payrolls plummeted to 17K in August from 156K in July.
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