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Janet Yellen Just Got Some Wiggle Room
The Federal Reserve just got some more wiggle room. The July jobs report showed U.S. economy added 209,000 jobs in July, less than the 230,000 that was expected by economists, as the unemployment rate edged up to 6.2% from 6.1%. But wage growth was also flat month over month and came in below expectations on a year over year basis, data that is a little inconsistent with employment cost index (ECI) data reported yesterday which showed employment costs grew 0.7% in the second quarter. Many traders attributed yesterday's market sell-off to this report, which some believe suggested that inflation was running quicker ... (full story)
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