Weekly Market Recap – July 10, 2023

The U.S. economy has proven to be more resilient in 1H23 than many expected, as strength in the labor market has
helped support consumption. But how much momentum does that labor market have? This week’s chart looks to
quantify labor market momentum in one number by analyzing seven key indicators: private payrolls, average hourly
earnings, the US Composite PMI Employment Index, the Conference Board Labor Differential Index, initial jobless
claims, job openings and the unemployment rate. While the labor market remains a bright spot despite higher interest
rates, it seems that this part of the economy is beginning to come off the boil.

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