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The economy added only 80,000 new jobs to the nation’s nonfarm payrolls in June, according to the Labor Department. Many economists were expecting stronger growth in the jobs market, especially following ADP’s jobs report on Thursday that said private businesses added 176,000 new jobs in June. The Labor Department’s calculation is frequently at odds with ADP’s assessment and can be adjusted in a later report. The unemployment rate remained at 8.2% in June…. Read more: A modest proposal
New claims for unemployment benefits fell last week by 14,000 to 374,000, the lowest level in six weeks, according to the Labor Department. The four-week moving average of claims edged lower by 1,500 to 385,750. Also, Automatic Data Processing, a firm that processes payrolls for many companies, reported in its monthly announcement that businesses added 176,000 workers to their payrolls in June, a number that exceeded expectations.
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