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US jobs growth misses July target

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The US economy created 209,000 new jobs in July, its sixth straight month of 200,000 plus jobs added to the economy, but nonetheless undershot forecasts.

The number of workers added last month missed market expectations of 233,000, while the unemployment rate was little changed at 6.2%. Over the past 12 months, the unemployment rate has fallen by 1.1%.

Employment grew in professional and business services, manufacturing, retail trade, and construction.

The missed target is expected to be supportive of US stocks, after the S&P 500 fell 2% in trading yesterday and the Dow Jones closed down 1.9%.

Investors are nervous that too strong a report would prompt the Federal Reserve to wind up its stimulus programme faster than expected.

In reaction UK shares came off lows seen earlier, the FTSE 100 now down 60 points at 6,670, having earlier gone lower.

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