Nervous traders and investors (me included) had quite a bit to cheer about by the end of the week, when the monthly jobs report came in much better than expected.

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Now, before I turn the podium over to Melody to talk about the substance of the report, let me just say a word or two about how this recipient reporting fits into the larger context of jobs reported as created or saved.

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There was a fair amount of debate going into the Labor Day weekend about whether the Fed would move at all today, but then the jobs report came out showing a significant deterioration through the summer.

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