Unemployment Rate Falls to 5.8 Percent as Recovery Speeds Up

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Employment rose by 559,000 in April as the U.S. unemployment rate dropped to 5.8 percent, according to the most recent U.S. Bureau of Labor Statistics report released this morning. Economists had expected 671,000 jobs added and a 5.9% unemployment rate in May. Job gains in May were led by leisure and hospitality, which added 292,000 jobs, education, and health care, the Labor Department said. “We think it will take several months for frictions in the labor market to work themselves out,” said Michael Gapen, chief U.S. economist at Barclays. “That just means we shouldn’t be expecting one to two million jobs every

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