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Why One Bad Jobs Number Won't Scare the Fed
As predictably as air conditioning in July, skeptics of this economic recovery are cranking up the doom and gloom. Some are even predicting that the Federal Reserve will wait until next year to begin raising interest rates. The Labor Department reported Thursday that the economy created 223,000 new jobs in June and the unemployment rate fell to a seven-year low of 5.3%. But critics harped on a hiccup in wage growth (which we covered here) and claimed that the fate of the long-term unemployed is not improving, even though their ranks have been reduced by 955,000 in the last year to 2.1 million and are a third of what ... (full story)
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