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Solid Payrolls Print Belies Labor-Market Softening
Bloomberg Businessweek
The Slowdown in the Labor Market
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This is still a very, very strong labor market. But the weakness is not popping up where it usually does. The interest rate sensitive industries are very vulnerable. Unless mortgage rates come down and there's an uptick in housing, we will likely see a downturn in construction employment soon. Manufacturing could still have quite a long way to go.
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