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5th Jun 2025 18:11USWeekly Monitor

  • Moderate payroll growth in May offers little reassurance, due to the re-emerging pattern of downward revisions.
  • Hiring intentions indicators point to payroll growth slowing to about 75K in Q3; federal job cuts will continue.
  • The trend of slowing payroll growth will be startling by the FOMC’s September meeting, compelling easing.

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Keywords for: 9 June 2025 US Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence