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U.S. adds 160,000 jobs in April

Friday, May 06, 2016 - 01:08

The job market sputtered, adding the fewest number of workers in seven months. The unemployment rate held steady at 5.0 percent. Fred Katayama reports.

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The U.S. job market slowed significantly in April. The economy added 160,000 jobs - much fewer than expected. And the previously two months' gains were revised downward. The unemployment rate held steady at 5 percent as many more Americans dropped out of the labor force. Gaining the most jobs: the professional business services, healthcare, and financial sectors. Mining continued to shed workers. Retail, which had performed strongly in the first quarter, also lost jobs. One bright spot: average wages grew a third of a percent last month. But that still doesn't raise it enough to boost inflation to the range the Federal Reserve would like to see. Chase senior economist Jim Glassman says a Fed rate hike in June is not off the table. SOUNDBITE: JAMES GLASSMAN, SENIOR ECONOMIST, CHASE (ENGLISH) SPEAKING: "When you put this report together with the trend we've been watching in jobless claims, which is a much more comprehensive and more timely information, it's telling you that the job market is doing pretty well even if this month's report is a little disappointing." The job market had been defying the slowdown in the economy this year, but April's employment growth was the smallest in 7 months.

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U.S. adds 160,000 jobs in April

Friday, May 06, 2016 - 01:08