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US job creation slower but points to steady growth

The US unemployment rate held steady in August at 4.9 percent, Labor Department figures showThe US labor market slowed precipitously in August but continued a six-year streak of monthly job creation, according to figures released Friday by the Labor Department. The economy added 151,000 new positions for the month, a sharp drop from July’s revised total of 275,000 new non-farm positions and also well below analyst expectations. Leading up to Friday’s disclosure, markets had been intently awaiting the new numbers as a signal of looming interest rate hikes by the Federal Reserve.

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