Well, coming into today's payrolls report we said that the number would be a beat and the only question was how big, as a result of millions of Americans seeing their emergency benefits expiring. Boy were we wrong: moments ago the BLS reported that with expectations of a 500K print and whisper numbers sharply higher, in September the US added just 194K jobs (in fact, the number came below the lowest of all but one of the 71 economist forecasts, with just Banque Pictet's Thomas Costberg forecasting a 0 print). Sept payrolls were down by nearly half from the upward revised 366K in August, the first back-to-back monthly ... (full story)