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United States Department Of Labor
Latest United States Department Of Labor Items
Oil prices continued to plunge on Friday, slipping to near $97 a barrel as investors worried that a weakening U.S. jobs market may undermine demand for crude in the world's largest economy.
The nation's unemployment rate ticked up to 9 percent last month despite strong growth of 244,000 in new jobs, the Labor Department reported Friday morning.
Employers added more than 200,000 jobs in April for the third straight month, the biggest hiring spree in five years. But the unemployment rate ticked up to 9 percent.
Stocks are falling at the opening of trading after the government reported an unexpected jump in unemployment claims.
Oil prices plunged 10 percent to below $100 a barrel in New York on Thursday — the biggest drop since the 2008 financial crash — after a government report shook market confidence by showing a big jump in layoffs last week.
The number of Americans applying for unemployment benefits surged last week to the highest level in eight months, a troubling sign a day ahead of the government's report on April employment.
The unemployment rate fell in two-thirds of the nation's states last month, the latest evidence that the strengthening economy is encouraging many employers to boost hiring.
Americans are paying more for food and gas, a trend that could slow economic growth in the months ahead.
A spike in the cost of gasoline pushed wholesale prices higher last month, a trend that could limit consumer spending in the coming months.