Unemployment Jumps to 9.4%

The Labor Department reported that that nation’s unemployment rate jumped to 9.4% last month which is the highest reading in over 25 years. Despite the awful news, Wall Street is actually pleased because payrolls dropped by only 345,000. Economists were expecting job losses of 525,000. The drop was the smallest since September 2008, when the recession intensified in the wake of the collapse of Lehman Brothers. The market is set to rally this morning.

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