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U.S. job growth slows sharply in August; unemployment rate falls to 5.2%

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By Lucia Mutikani WASHINGTON (Reuters) – U.S. job growth slowed more than expected in August amid a softening in demand for services and persistent worker shortages as COVID-19 infections soared, but the pace was enough to sustain the economic expansion. Nonfarm payrolls increased by 235,000 jobs last month after surging 1.053 million in July, the Labor Department said in its closely watched employment report on Friday. The unemployment rate fell to 5.2% from 5.4% in July. It has, however, been understated by people misclassifying themselves as being “employed but absent from work.” Economists…

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