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Fewer jobs, strong dollar put Fed in an awkward corner
The economy added 223,000 jobs in April — well below the 260,000 averaged during 2014 — pitching cold water on forecasts of stronger economic growth this spring and complicating the Federal Reserve's plans to raise interest rates. Unemployment was 5.4 percent, largely because so many prime working-age adults are still not employed or looking for work. The Commerce Department initially estimated first-quarter growth at 0.2 percent but subsequently reported a much larger than anticipated March trade deficit. Consequently, first-quarter growth will likely be revised down to -0.2 percent, and economists are lowering ... (full story)