Five Observations on the Employment Release

1.  The deceleration in employment growth is noticeable; 2. Taken with the preliminary benchmark revision, it’s possible employment growth deceleration is even more marked; 3. With accounting for temporary census workers, m/m growth is fairly anemic; 4. Nonetheless, latest vintages of key indicators suggest only a slowdown; 5. Manufacturing employment and hours (as well as production) still below peak.

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