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The U.S. unemployment rate fell to 9.7 percent from 10 percent in December, based on a survey of households that showed employment increased by 541,000 last month, the Dept. of Labor reports. But a separate Labor Dept. survey of employers finds that the economy shed a net 20,000 jobs last month. The rate of job loss has been slowing in recent months. The Labor Dept. says revised data shows the U.S. lost 8.4 million jobs since the recession began in December 2007, 1.2 million more than previously estimated. There were some bright spots in the January employment report. A broader measure of unemployment that includes people who have stopped looking for work dropped to 16.5 percent from 17.3 percent in December. Factory payrolls increased by 11,000 jobs month over month, the first such increase in three years. The number of people working part time fell to 8.3 million from a record 9.2 million in December. Average earnings and the length of the work week increased, and employers hired more temporary help. Economists say those steps typically precede new hiring by employers. Nevertheless, economists say the overall jobless rate is likely to increase in coming months as more job seekers re-enter the market.
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