Economists expected employers to have added just 71,000 jobs in December

The U.S. economy unexpectedly slashed 140,000 jobs in December as rising COVID-19 infections nationwide triggered a fresh wave of shutdowns by state and local governments, causing hiring to shrink for the first time since April.

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The Labor Department's monthly payroll report, released Friday, also showed the unemployment rate held steady at 6.7%. Economists surveyed by Refinitiv expected the report to show that unemployment edged higher to 6.8% and the economy added 71,000 jobs. Read more of this developing story at FOX Business