Fed up and the fight ain’t over
NAB Morning Call
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Employment Cost Index - 106,000 Isn't the Best of the Indicators
The market's still coming to grips with whether this particular report has a closest statistical relationship to payrolls, because it hasn't been the best of indicators. The job opening figures yesterday, so the big growth in job opportunities, when there was expected to be a downturn,. This is the first time it's been more than 11 million jobs since July, so we've got less workers, more jobs. That doesn't sound particularly counter-inflationary.
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