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December 3, 2008 2:04:58 AM CST

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Jobless Rate Fell in April; Employers Shed Fewer Jobs

Posted May 2, 08 8:16 AM CDT in Business 

(Newser) – US employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5%, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market. For the fourth month in a row, the economy lost jobs, the Labor Department reported today. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March.

The latest snapshot of the employment conditions—while clearly still weak—beat estimates from many economists,  who were anticipating job cuts of 75,000 and an unemployment rate rise to 5.2%, from 5.1% in March.  

Source Associated Press

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People wait in line to enter a job fair on Wednesday, April 16, 2008 in New York.   (AP Photo/Mark Lennihan)
Anna Marie McPhail, left, waits in line to attend a job fair for the fashion industry on Wednesday, April 30, 2008 in New York.   (AP Photo/Mark Lennihan)
People line up to attend a job fair on Wednesday, March 26, 2008 in New York.   (AP Photo/Mark Lennihan, file)
People wait in line to enter a job fair on Wednesday, April 16, 2008 in New York.   (AP Photo/Mark Lennihan)
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