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Summary of last week's economic data—
Job market: Although somewhat weakened, it has not collapsed, and layoffs remain very low. The unemployment rate has declined slightly but has remained basically stable. Wage growth has accelerated.
Federal Reserve: Federal Reserve officials have noted the weakening of the data, but believe the data indicates an economic slowdown rather than a collapse. The market expects a 25-basis-point rate cut in September and a similar pace in subsequent meetings.
Consumer spending: Labor income grew at a year-on-year rate of 4.0% in the third quarter, sufficient to support the 70% consumer spending that makes up the economy.
ISM Services Index rebounds: The service sector is performing strongly, while the manufacturing sector is weak, and the asynchronous phenomenon in the economic cycle continues.
Job growth is simply returning to pre-pandemic normal levels
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