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Fed Bostic's take on Labour Market

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Bostic's take on (presumably) Fridays labour data; (bbg) "Topline Job Numbers Have Been 'Pretty Strong,' But The Recent Strength Has Been Focused In A Relatively Small Part Of The Economy; Concentrated Job Growth Means Slowing Is Occurring; Question Is If Job Growth Overall Hits A 'Cliff'".

An interesting take given diffusion indices (% of industries with employment increasing) ticked higher (52.2 to 54.6) in Friday's report reversing a sharp dip in Oct - but our US Eco notes remains low by recent standards. Not doing much to address details of Friday's payroll report (based on headlines). Still he has stuck to reiterating his projection of two cuts in 2024, leaving him as a relative hawk.

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