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September Jobs Data Clears One Cloud, But the Forecast Stays Gray and Unclear

11/20/2025
  • The September jobs report beat expectations with 119,000 new jobs, but a five-month average of only 39,000 and unemployment rising to 4.4% confirm a cooling labor market; markets likely to remain range-bound as municipal investors signal hunt amid delayed economic data until mid-December.
  • New Hampshire’s Business Finance Authority approved, this week, a $100 million Bitcoin-backed conduit bond, marking the first deal of its kind.

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