â??Small gain in payrolls very concerning.â?
Thatâ??s the understated way Moodyâ??s Dismal Scientist website headlined the news from the Labor Department this morning. Employment had increased just 18,000 last month â?? after an anemic 25,000 in May. Unemployment jumped to 9.2%. The stock market, which had risen every day since June 27 â?? a total of about 800 points on the Dow â?? quickly took a dive.
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