U.S. job losses were slower last month, while the gross domestic product decreased at a 0.7% annual rate for the quarter ended June 30. That GDP slide was better than the 1% decline originally estimated. The better jobs numbers were attributed to fewer private-sector cuts. "We know that the pace of labor-market recovery always lags broader economic activity," said Ian Pollick, a TD Securities analyst. So "if the actual economic recovery is gradual we have to say the labor-market recovery is tepid at best."
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