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Jobless rate sinks to 10% lowest in 10 months

The nation's unemployment rate dropped for the fourth straight month in June to 10 percent, the lowest point since last August, the Labor Department reported. This was a decline of one-tenth of 1 percent in the May jobless rate.

Meanwhile, interest rates on government-backed mortgages will rise from 12 percent to 12.5 percent effective today (July 11), the administration announced.

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