Is U.S. Employment Growth Too Hot?
Former JPMorgan Chase Global Chief Economist and Current BrightQuery Chief Economist (Ph.D. in Economics)
For all the fanfare that non-farm payrolls rose by +316 thousand in September, at 3X the average organic growth pace, we need to pause and acknowledge that employment growth is decelerating. Yes, we created +3.2 million non-farm payroll jobs over the last 12 months, down from +4.8 million and +7.3 million in 2022 and 2021, respectively.
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