Futures jumped higher, indicating a positive start today after a key report showed a sharp drop in the number of people losing their jobs and a surprise drop in the unemployment rate.
The Labor Department reported that employers cut 247,000 jobs in July, the fewest job losses since August 2008. The consensus was for a loss of 325,000 jobs. The unemployment rate fell from 9.5% to 9.4%, the first decline since April 2008. Economists’ were expecting the rate to rise to 9.6%.
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