Update: Economy slumping, Hiring isn’t slowing down

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The U.S. economy shrank during the first half of the year as consumer sentiment plummeted with rumors of high inflation and turmoil abroad. There were also a few big corporate names that slashed thousands of jobs but the U.S. job market did not miss a beat. U.S. employers announced only 20,485 layoffs in August, the lowest year-to-date total since 1993, according to data released Thursday by outplacement company Challenger, Gray & Christmas. 

A separate report by the Department of Labor showed initial unemployment claims fell to 232,000 in the week ended Aug. 27, down 5,000 from the prior weeks

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