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Job growth slows sharply even as unemployment rate falls to 6.7%

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The economy added 74,000 new jobs in the month of December, the lowest monthly-gain in three years and well below economists’ expectations of 200,000 jobs. The unemployment rate fell to 6.7% from 7.0% in November according to the Labor Department. The decline was due at least in part to people dropping out of the workforce. The unemployment rate is the lowest since October 2008, but the sharp decline in job creation may lead the Federal Reserve to re-examine its plans to cut back its $75-billion dollar a month bond-buying program. The percentage of Americans working or looking for work remains near 35-year lows at 62.8%.