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September 8, 2021

Federal enhanced unemployment benefits expired last week, and the coming months should provide helpful insight into what is holding back a stronger improvement in the labor market and the impact to consumer data in general.

The labor market data for the month of August was disappointing in terms of the number of new jobs and the lack of progress in labor force participation.  The more important data point was the expiration of the enhanced unemployment benefits.  Going forward, future payroll reports will include survey periods post the expiration of benefits. ...
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