Quick Hits: Unemployment Drops to 9.7%

Unemployment dropped to 9.7% in January as employers shed 20,000 jobs

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According to The Washington Post, the January unemployment rate dropped unexpectedly as employers cut 20,000 jobs

The unemployment rate dropped unexpectedly in January to 9.7 percent from 10 percent while employers shed 20,000 jobs, the government said Friday.

The rate dropped because a survey of households found the number of employed Americans rose by 541,000, the Labor Department said. The job losses are calculated from a separate survey of employers.

The report also included an annual revision to the estimates of total payrolls, which showed there were 930,000 fewer jobs last March than previously estimated. The department also revised down its estimates for April through October of last year, adding another 433,000 job losses.

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