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The April payrolls data was largely a massive disappointment, but not entirely.

The US economy added only 266,000 jobs last month, according to the Bureau of Labor Statistics, far undershooting estimates calling for an increase of 1 million payrolls. The unemployment rate rose to 6.1% from 6%, and a handful of industries shed jobs despite the easing of economic restrictions.

While nearly all gauges pointed to a slowing recovery, an alternative measure of nationwide unemployment improved slightly from its March level. The “real” unemployment rate previously mentioned by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet details ⇒

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