US Adds 74,000 Jobs as Hiring Slows Sharply

U.S. payrolls rose by 74,000 last month, the smallest monthly gain in three years, the Labor Department said Friday. The figure marked a sudden pullback from growth of 200,000 or more in the prior two months.

The Labor Department said the unemployment rate fell to 6.7% from 7%, though the decline was largely the result of people leaving the workforce. Economists had expected a gain of 200,000 jobs and a 7.0% jobless rate, according to a Dow Jones Newswires survey.

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