Heterodox
June jobs report: strong headline numbers, betraying numerous signs of rougher times Consumption leads employment. That’s true at bottoms, and it’s true at peaks as well. Since February, when consumption growth started to flag, I have been waiting for it to show up decisively in jobs numbers. In March through May, average growth decelerated from over 500,000/month to 400,000/month. So in this jobs report, I have been most interested to see if...
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