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The US economy unexpectedly lost jobs in July, the latest jobs report from the Bureau of Labor Statistics reported, further dashing hopes that the summer months would warm the cooling labor market.

Diving into the data. Total payrolls for July declined by 23,000 from the month prior, significantly below the gain of 95,000 that economists predicted. Additionally, jobs gains for May and June were revised down, from 129,000 to 63,000 and 57,000 to 20,000—that’s

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