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Unemployment At 6%, April Job Loss 48,000, As Factories Cut Rolls; Stuck At An Eight-Year High; Bush cites labor market in calling on lawmakers to enact his tax-cut plan.(A)
Byline: JED GRAHAM
The economy shed another 48,000 jobs in April and the jobless rate returned to 6%, matching an eight-year high and providing fresh evidence the jobs picture has yet to improve.
Much of the weakness came from manufacturing, the Labor Department said Friday. Factories shed another 95,000 jobs, the 33rd straight drop.
Stocks rallied, while bonds lost ground. But analysts said both markets were driven not by the jobs data but by higher factory orders, also reported Friday.
The drop in payrolls was slightly smaller than expected, while the rise in the unemployment rate was slightly worse than forecast.
President Bush pointed to the weak labor market as evidence the economy needs a big tax cut.
"The 6% (jobless rate) should say loud and clear to both political parties of the U.S. Congress that we need robust tax relief so our citizens can find a job," he said.
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