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Unemployment rate rises to 9.8% as employers cut more jobs than expected

A net 263,000 jobs were eliminated in September, pushing the jobless rate to a 26-year high. Stocks fall on the news. The nation's labor market took a turn for the worse in September as employers eliminated a net 263,000 jobs, far more than expected and reversing a pattern of steadily declining payroll losses in recent months, the Labor Department said today.

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