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Tim Duy
Solid report. Private payrolls up 906k, some weakness in state and local jobs as expected, unemployment down to 6.9% while labor force participation up 0.3 ppt. 3 full months after the “fiscal cliff” yet the labor market doesn’t seem to notice.
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Tim Duy Nov 6
Replying to @TimDuy
All those stories you read about people losing unemployment or this firm or that firm laying off workings are micro stories. The macro story was that in the background the labor market was still churning and on net had really only one direction to go.
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Tim Duy Nov 6
Replying to @TimDuy
As long as jobs keep growing, there will be support for consumption growth. Fiscal support is important for the speed and equity of the recovery but not necessarily the recovery itself. The still open question is to what extend Covid slows the recovery this winter.
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Chris Nov 6
Replying to @TimDuy
Although there is more work to be done credit has to be given to Biden/Harris for this recovery. Right?
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