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Many economists have noted that while layoffs are falling, overall hiring isn't picking up at the same pace. A separate monthly report from the Labor Department this week showed that layoffs were at the lowest level in July in the 11 years the government has tracked the data. The economy isn't growing fast enough to support much more hiring. It grew at a tepid 1.7 percent annual rate in the April-June quarter, down from 2 percent in the January-March quarter and 4.1 percent in the final three months of last year. Growth isn't likely to get much better for the rest of this year. Economists expect it to grow at a roughly 2 percent pace. That's typically too weak to create enough jobs to lower the unemployment rate. High unemployment and sluggish growth has prompted many economists to forecast that the Federal Reserve will announce new steps to boost the economy after its two-day meeting ends Thursday. Those steps could include a third round of Treasury bond purchases. The goal of the purchases would be to lower interest rates and spur more borrowing and spending. Fed Chairman Ben Bernanke said in a recent speech that weak hiring is "a grave concern" that causes "enormous suffering."
[Associated
Press;
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