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US: Weakening jobs market enters critical phase
The US jobs report is a disappointing read throughout. The establishment survey shows US payrolls rose just 245k versus 460k consensus, while the household survey, which is used to calculate the unemployment rate, actually showed employment falling 78,000. These figures are substantially weaker than other labour surveys had indicated and leaves us in a troubling situation with more Covid cases, hospitalisations and movement restriction coming day by day. The details show private payrolls rising just 344k and government employment falling 99k, primarily due to census collection workers ending their terms. Private ... (full story)
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