Weak Jobs Data Masked by Falling Unemployment
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The US unexpectedly lost 23,000 jobs in July while unemployment fell to 4.1%, a decline driven by fewer people participating in the labor force rather than stronger employment. Bloomberg News Economics Chief US Economist Anna Wong joins Bloomberg This Weekend and explains to hosts David Gura and Christina Ruffini that the weak payrolls and persistent downward revisions point to a softer labor market and could reduce pressure on the Fed to raise rates in September.
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