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Economic Commentary

The labor market shows resilience with strong job growth

July 11, 2022
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The economic data last week featured surprising growth in nonfarm payrolls and continued evidence of a very tight labor market. Additionally, although it slowed modestly, growth in the service sector was stronger than expected for June, with most industries noting that both demand and input price pressures remained high.

What we learned last week: (pg. 1)

  • Another month of solid payroll growth
  • Growth slows in the services sector

What we’re watching this week: (pg. 2)

  • Energy continues to fuel elevated inflation
  • Healthy retail sales in June reverse May’s slide
  • Industrial production should rise more quickly

View this week's economic review & outlook

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