Job Loss Lighter Than Expected

The Labor Department reported a loss of just 20,000 jobs in April, a quarter of March's loss.
By Nat Worden ,

The economy shed just 20,000 jobs in April, a much lighter loss than March and far below economists' expectations, according to the Labor Department.

The consensus expectation was a loss of 75,000 jobs. The economy lost 80,000 jobs in March, the largest decline in five years.

The data comes at a time investors are gaining optimism in the market. The initial of three readings of first-quarter GDP showed the

economy did grow

, albeit at a sluggish 0.6% rate. The results mean the economy avoided a widely anticipated recession, at least temporarily.

Meanwhile, stocks rallied Thursday, a day after the

Federal Reserve

cut the federal funds rate by a quarter point to 2%. The Fed

left open the possibility

of another cut or pause at its next meeting.

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