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The share of Americans who are working or looking for a job hasn't been this low since the pandemic, according to a July jobs report full of gut punches.
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Typhoon Dolphin hits Japan's Okinawa, China shuts ports ahead of landfall ReutersAirport closes in Okinawa as Typhoon Dolphin hits parts of southern Japan NBC NewsWeather Alert: Typhoon Dolphin U.S. Embassy & Consulates in ChinaJapan orders evacuations as typhoon approaches, cancels 500 flights Japan Today
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The Memo: Weak jobs report clouds economy as Trump barrels toward midterms The HillU.S. economy unexpectedly lost 23,000 jobs in July CNBCLabor Market Shifts Into Reverse as Employers Balk at Hiring The New York TimesUnemployment rate is falling, but for 'the wrong reason,' experts say USA Today
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Mortgage activity in the U.S. has contracted for consecutive weeks. In the week ended April 26, the mortgage activity composite index slid 2.3% following a 2.7% fall the week before. Refinancing fell 3.3% while purchase applications dropped 1.7%. Inflation's stubbornness in the first quarter of 2024 has led investors to conclude that the Federal Reserve's first rate cut might not be coming this year. This has buoyed interest rates such as the 30-year fixed-rate mortgage. In the week ended April 26, the 30-year fixed rate rose 5 basis points to 7.29%, its highest since November.
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