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3rd Dec 2021 00:20U.S., Economic Monitor

  • Job growth has strengthened from the summer lows, but seems not yet to be back to the pre-Delta pace.
  • Participation is the key variable for the Fed; it has to rise, soon, in order to constrain wage gains.
  • Hourly earnings growth in November likely was limit- ed by a calendar quirk; expect stronger in December.

activity adp ahe average hourly earnings cash demand employment fed gains growth household it job growth jobs labor labor demand payroll payroll growth payrolls private sector sector services summer supply survey us wage wage growth wages

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Keywords for: Payroll Growth Still Struggling to Regain pre-Delta Momentum

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