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American employers add 4.8m jobs, unemployment drops

American employers add 4.8m jobs, unemployment retreats

The U.S. jobs report released on Thursday showed that American employers added jobs a more than forecast jobs in June, 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 3,037,000, compared to the actual reading of 4,800,000 added jobs, while the previous reading of 2,509,000 jobs added was revised to 2,699,000 job-gain.

The unemployment rate retreated from 13.3 percent to 11.1 percent, compared to analysts’ projections of 12.4 percent.   

The average hourly earnings, however, dipped 1.2 percent last month after a 1.0 percent decrease in May, compared to estimates of 0.8 percent drop. The annual earnings growth reached 5.0 percent from 6.6 percent.

Data released on Thursday showed that initial jobless claims increased by 1.427 million in the week ended June 27, following a total of 1.482 million a week before.  

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, widened its losses to 96.77, as of 12:47 GMT.

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