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Friday, October 7, 2011

Wells Fargo's Weekly Economic & Financial Commentary- October 7, 2011

- The U.S. economy created 103,000 net new jobs during September, which included a one-time increase of 45,000 returning Verizon workers.

. Unemployment remained steady at 9.1 percent, while both average hourly earnings and working hours increased.

- The ISM manufacturing index beat consensus estimates in September, improving to 51.6 from 50.6 in August, while the ISM non-manufacturing index fell to 53.0 from 53.3 during the previous month.

- Domestic auto sales rose to a 4.2 million unit seasonally-adjusted annual rate despite declining consumer confidence and financial market volatility.

. Domestic light truck sales jumped to a 5.9 million unit pace from 5.4 million due to strong farm incomes and pent-up demand.

- Construction spending grew 1.4 percent during August and is up 4.8 percent over the past five months.

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