While a report released by the Labor Department on Friday showed a continued decrease in employment in the month of April, the report showed that economy lost far fewer jobs than economists had been anticipating.
The report showed that non-farm payroll employment fell by 539,000 jobs in April following a revised decrease of 699,000 jobs in March. Economists had expected a decrease of about 600,000 jobs compared to the decrease of 663,000 originally reported for the previous month.
At the same time, the Labor Department said that the unemployment rate rose to 8.9 percent in April from 8.5 percent in March. The increase, which lifted the unemployment rate to a new 25-year high, came in line with economist estimates.
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