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On Thursday, the Federal Reserve said it would purchase $40 billion of mortgage-backed securities a month until the economy and the job market steadily improve. Fed officials also said they would keep short-term interest rates low even after the economy strengthens. Hiring has weakened recently after a strong start to the year. Employers added only 96,000 jobs in August, below the 141,000 added in July and far below the average gains of 226,000 in the first quarter. The unemployment rate fell to 8.1 percent from 8.3 percent, but only because the number of people in the work force shrank. For now, the economy isn't growing fast enough to spur greater job gains. The economy expanded at a 1.7 percent annual pace in the April-June quarter. That's down from 2 percent in the first quarter and 4.1 percent in the final three months of last year.
[Associated
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