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Supply Chain Monitor: Employment Jan 2025
Employment growth continues to be driven by gains in the service sector.
Employment growth continues to be driven by gains in the service sector.
The labor market might be solid right now, but the composition of job growth in the future looks increasingly worrying.
Today’s data update takes a closer look at the manufacturing data within the most recent Employment Situation release.
The further slowing we were worried about last month, particularly in the prime-age employment rate, did not materialize. This sets back expectations for earlier and more rate cuts this year, but it’s certainly a good report for anyone concerned about the left tail of labor market risk.