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Update USA Unemployment Rate
American unemployment rate for September came in in line within our forecast at 4.2%, but at the lower end of the most likely range. We are certainly not complaining as employment continues to improve. Total unemployed dropped by 331,000 to 6.8 million. Long-term unemployed remained unchanged at 1.7 million and the labor participation rate remained unchanged at 63.1%. The only negative news in employment was a drop in total non-farm employment by 33,000 but this was most likely the result of hurricanes impacting the food service industries.