Jobs, Jobless Rate | featured news

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.

Even as the July numbers came in better than expected, the job market remains shaky in the months ahead.

Stocks fell in Europe and Wall Street was set to open lower as investors weighed the impact of a report that showed steeper U.S. job losses than expected.

In June, 467,000 jobs are lost; analysts had predicted 350,000. Despite positive signs for the economy in recent weeks, the report is evidence that the jobs market remains troubled.