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American employers add 1.76m jobs, unemployment retreats

American employers add 1.76m jobs, unemployment retreats

The U.S. jobs report released on Friday showed that American employers added jobs a more than forecast jobs in July, while the unemployment rate retreated, where the figures reflected signs of recovery from the impact of the Covid-19 on the labor market.   

Analysts predicted a job creation of 1.53 million, compared to the actual reading of 1.76 million added jobs, while the previous reading of 4.8 million jobs added was revised to 4.79 million job-gain.

The unemployment rate retreated from 11.1 percent to 10.2 percent, compared to analysts’ projections of 10.5 percent.   

The average hourly earnings soared 0.2 percent last month after a 1.3 percent decrease in June, compared to estimates of 0.5 percent drop. The annual earnings growth reached 4.8 percent from a previous of 4.9 percent.

Data released on Thursday showed that initial jobless claims came in at 1.19 million, which is the lowest figure since March.  

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, continued to trade higher at 93.07, as of 12:42 GMT. 

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