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Many economists believe growth has slowed in the current April-June quarter to an annual rate of 2 percent or less. Economists say part of that reflects a slowdown in production at U.S. factories, stemming from weakness overseas that has dampened demand for U.S. exports. Some economists also say businesses could be worried about the impact of federal spending cuts. A stronger job market has helped offset some of the weakness from the spending cuts and higher taxes. The Labor Department reported Friday that the economy created 175,000 jobs in May. The unemployment rate edged up from 7.5 percent to 7.6 percent, however the gain reflected more people entering the work force to look for jobs. Economists viewed that development as a healthy sign.
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