The U.S. unemployment rate has risen to 4.3%, triggering a recession warning
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The US unemployment rate rose to 4.3% in July, with job growth slowing down. This may intensify concerns about a deteriorating job market and economic recession. Hurricane Belial destroyed power in Texas, which may be one of the reasons for the lower-than-expected increase in employment numbers. Average hourly wage growth also slowed down, with a wage increase of 3.6%, slightly lower than the previous month. The unemployment rate has risen for the fourth consecutive month, exacerbating concerns about the sustainability of economic expansion. This may set the stage for the Federal Reserve to cut interest rates in September
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