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The US financial system added simply 1.8 million jobs in July, far fewer than in May and June however not as unhealthy as some economists feared, in accordance to authorities information launched Friday.
The unemployment rate fell to 10.2 p.c from 11.1 p.c in June, nonetheless barely worse than the depth of the worldwide monetary disaster in October 2009. However, the Labor Department mentioned some employees proceed to be misclassified, and the jobless rate would have been a full level increased than reported.
The largest employment beneficial properties have been in leisure and hospitality and retail, the sectors hardest hit by the coronavirus shutdowns, the report mentioned.
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