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American employers add fewer jobs, unemployment drops significantly

American employers add fewer jobs, unemployment drops significantly

The U.S. jobs report released on Friday showed that American employers added fewer than predicted jobs in August, while the unemployment rate retreated significantly, where the figures reflected mixed signs of recovery from the impact of the Covid-19 on the labor market.   

Analysts predicted a job creation of 1,375,000, compared to the actual reading of 1,371,000 added jobs, while the previous reading of 1,763,000 jobs added was revised to 1,734,000 job-gain.

The unemployment rate retreated from 10.2 percent to 8.4 percent, compared to analysts’ projections of 9.8 percent.   

The average hourly earnings soared 0.4 percent last month after a 0.1 percent increase in July, compared to estimates of 0.0 percent. The annual earnings growth remained at 4.7 percent.

Data released on Thursday showed that initial claims soared 881,000 last week, coming below expectations, marking the lowest rise since the pandemic started.

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, continued to trade higher at 93.05, as of 12:58 GMT.

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