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The Economy: Through the Rear-View Mirror

The upbeat October employment report is likely showing the labor market through the rear-view mirror. The weekly state employment numbers, too, as reported in the mainstream business media, only tell half the story.  The entire story includes an additional 9+ million people on Cares Act supplements; a program that is growing as state eligibility is exhausted, but a program that expires as the year ends. High frequency data also confirm …Read More