The Fed thought it was seeing a ‘solid’ jobs market. Turns out that was just an illusion.

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At the end of July, Federal Reserve chief Jerome Powell said “the labor market’s solid — historically low unemployment” after the central bank declined to cut interest rates. The labor market doesn’t look so “solid” just five weeks later.

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The Fed thought it was seeing a ‘solid’ jobs market. Turns out that was just an illusion.

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