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Grim jobs market confronts Obama, Fed
WASHINGTON—Jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Barack Obama as he seeks re-election.
Non-farm payrolls increased only 96,000 last month, the Labour Department said on yesterday, below what would normally be needed to put a dent in the jobless rate. While the unemployment rate did drop to 8.1 per cent from 8.3 per cent in July, that was only because many Americans gave up the hunt for work. The survey of households from which the jobless rate is derived actually showed a drop in employment.
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