Unemployment rate increases to 9.7%

The August employment situation report came out this morning showing a drop in nonfarm payrolls of 216,000 and the overall unemployment rate increasing to 9.7%. While the nonfarm payrolls drop was slightly less than expected, the overall number was higher and there were additional losses in non-farm payrolls based on downward revisions to the June and July report. See the actual numbers here.

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