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US payroll growth still strong --- but slowing

 I mentioned here that payroll growth in the US is still strong.  However, it is also clear that it is decelerating.  The Fed tends not to raise interest rates when payrolls are growing by less than 200 K per month, but this cycle may be different, because inflation is so high.  Right now, it seems clear that the Fed will up the Fed Funds rate at its next meeting in 10 days' time.

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