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In July, the US economy gained 187,000 jobs, which is less than previous months and suggests a slowdown in the labor market. Despite this, the unemployment rate decreased to 3.5%, a historically low level. However, this slower job growth may make it difficult for President Biden to align himself with positive economic developments.

The decrease in job openings and the Federal Reserve’s tightening of monetary policy may have a greater effect on the overall economy, leading to expectations that additional rate hikes will be avoided.

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