U.S.: The Great Jobs Machine Starts To Downshift

Wages are rising smartly, but productivity is keeping labor costs in check

Soft-landing mavens at the Federal Reserve and elsewhere likely latched on to the June employment report as enthusiastically as a vacationer grabbing an icy drink after a hot day at the beach. Weak job growth last month gave further evidence that the economy slowed--perhaps considerably--in the second quarter from its 5.5% annual rate gain in the first quarter.

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