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Why the Administration Is Happy Not to See the October Employment Numbers

Source
Menzie Chinn
Published
Nov 4, 2025
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Or, “You want the truth? You can’t handle the truth!” If (1) private NFP as measured by BLS equals ADP private NFP in October, ADP private NFP consensus gain of 28K is realized, (3) the 100K government employees signed up under the deferred resignation program (DRP), who effectively resigned on September 30, were not re-employed […]

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