MW: Payrolls fall by 159,000 in September, worst in 5 years
By Rex Nutting
WASHINGTON (MarketWatch) - U.S. employment fell by 159,000 in September, the worst job losses since March 2003, the Labor Department reported Friday. The unemployment rate was steady at 6.1% as expected, the government said. An alternative measure of unemployment that includes discouraged workers rose from 10.7% to 11%, the highest since April 1994. The economy has now lost 760,000 jobs this year, further evidence that the economy was in a recession even before the financial market crisis of the past few weeks. Job losses in September were worse than expected and double the average monthly loss this year. Economists surveyed by MarketWatch were forecasting payrolls to fall 110,000.