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help wanted_1Friday’s employment data was good. The unemployment rate fell from 5.3% to 5.1%, employment growth in June and July was revised up, hours worked rose, the labor force participation rate didn’t fall and August earnings/hour rose 0.3%, 0.1% more than expected. While the 173,000 net new jobs were slightly disappointing, YTD employment growth/month is an excellent 212,000 and August employment number revisions have averaged +50,000/month over the past 15 years.

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