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Summary Box: Unemployment hits 5-year high

THE LATEST: The nation's unemployment rate zoomed to a five-year high of 6.1 percent August and employers slashed jobs for the eighth month in a row.

WHAT IT MEANS: With jobs harder to find, there's growing fears that consumers will pull back on their spending, throwing the economy into a tailspin later this year.

THE OUTLOOK: The unemployment rate will keep rising, possibly hitting 7 percent next year.

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