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Byline: Paul Gores and Joel Dresang
Sep. 8--The first monthly decline in jobs since 2003 sent stocks plunging Friday and heightened speculation that a recession is looming.
The Labor Department report disappointed economists, who anticipated an increase of about 110,000 jobs last month. Instead, not only did the government show a 4,000-job loss in August payrolls, but it revised downward earlier estimates of job gains in June and July.
Economists and money managers said the news makes it more likely than ever that the Federal Reserve will cut interest rates this month.
Jay Mueller, senior portfolio manager for Wells Fargo Advantage Funds in Menomonee Falls, said he didn't know whether the job news was the "tipping point" toward a slowdown …