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The U.S. unemployment rate just hit a four-year high and job losses continued for the seventh consecutive month, raising concerns about the economy's prospects in coming months. "Consumers are nervous about job security and income and household wealth," a troubling sign because consumer spending represents more than two-thirds of the U.S. economy, said Bernard Baumohl, managing director of the Economic Outlook Group. "If there's no improvement in labor markets, there's nothing to make people go out and spend.... That's why I'm very pessimistic about the second half of the year."
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