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America has two labor markets now

Illustration: Aïda Amer/AxiosAmericans live in separate economic realities: Those with a job are likely to stay employed, but those without one are likely to stay unemployed.Why it matters: Welcome to the low-hire, low-fire labor market. Private-sector layoffs are at historic lows, but that masks a dreadful outlook for unemployed workers or those unhappy with their current positions.Driving the news: The labor market surprised in June with a better-than-expected payroll gain of 147,000, the gove...

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