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October 13, 2021

Payroll data has been weak in recent months but will likely improve as the federal unemployment benefits will have expired in future reports.

The nonfarm payroll data for September was below expectations (194,000 vs. 500,000) and private payrolls came in at the lowest amount in five months.  Private payrolls were negatively impacted by the slowdown in services (smallest gain since January), driven by smaller contributions from Leisure and Hospitality.  The labor force participation rate also declined again and...
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