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Strategist breaks down the immediate market reaction to the surprising April jobs report

Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1%. Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%. Lori Heinel of State Street Global Advisors joined "Squawk Box" on Friday to discuss the market's immediate reaction to the surprising report.
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Fri, May 7 202110:24 AM EDT