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November 8, 2023

Payroll growth and weekly earnings slowed in October.

When it comes to analyzing the labor market, we are focused on private-sector payroll growth in conjunction with real earnings growth (i.e. do more people have more spending power). For the month of October, private nonfarm payrolls decelerated to 1.7% y/y. Another way to monitor payroll growth is through various rates of change and over...
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