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US job growth misses expectations

Offers cautionary note for Fed

Reuters  |  Washington 

US job growth was less than expected in August and the unemployment rate hit a 4-1/2 year low as Americans gave up the search for work, complicating the Federal Reserve's decision on whether to scale back its massive monetary stimulus later this month. Nonfarm payrolls increased 169,000 last month, the Labor Department said on Friday, adding to signs that economic growth may have slowed a bit in the third quarter. The unemployment rate fell to 7.3 per cent, the lowest since December 2008. US financial markets took the generally weak report as a sign the Fed was less likely to make an ...

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First Published: Sat, September 07 2013. 00:09 IST