Jobless rate falls as payrolls rise boosting higher rates
The Labor Department reports December unemployment at 5.4 percent, the lowest in four years, with 56,000 nonfarm payrolls added. President Clinton and Reich praise the economy as Wall Street closes higher but bonds trim gains amid expectations the Federal Reserve may raise rates to curb inflation.
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Labor Department
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Armey vows to oppose wage hike in Clinton plan
House Majority Leader Richard Armey vows to fight any minimum wage increase. Senate leader Bob Dole dismisses it as part of Clinton's 1996 re election effort. Reich says a rise from 4.25 an hour is under active review. Administrators note economists warn of inflation and slower hiring of low skill workers.
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Laura D’ Andrea Tyson
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