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Economy
Labor market and employment steams ahead in May
Despite market concerns over the past week or so of softening in the economy (due to a sudden decline in the Fed’s GDPNow estimate and a soft JOLTS report), the May employment report came in much stronger than expected. Some confusing crosscurrents in the data remain to be sorted out, but the takeaway is that the economy remains robust, and the Fed should continue to have no rush in cutting rates.
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