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Story summary
- Ludwig Institute for Shared Economic Prosperity reported functional unemployment at 24.9% in July.
- Ludwig Institute's Gene Ludwig said functional unemployment rose for four months while workforce participation fell, indicating a weaker labor market.
- Employers cut 23,000 jobs in July, below economists' expectations and suggesting a slowdown.
- EY-Parthenon chief economist Gregory Daco warned that muted 3.2% wage growth, alongside 3.4% CPI rise, limits consumer spending.
