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November 10, 2021

The labor report for the month of October showed improvement from the slowdown in August and September and is another data point suggesting that economic data will likely accelerate in the fourth quarter.

Last month, we discussed the decline in payroll data and noted that it was likely to be temporary as COVID cases declined. The labor report for the month of October is the first update confirming that view. Private payrolls increased by 604,000 in October, up from 365,000 in September. The prior two months were revised...
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