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Market Insights: Is America running out of workers?


The much weaker than expected 38,000 gain in United States payrolls for May led many to fear a weakening in the US economy and immediately caused the market probability of a near-term Federal Reserve interest rate increase to drop notably. But rather than weak demand, the soft payrolls report might also reflect emerging capacity constraints. If so, it would pose upside risks to inflation and interest rates and downside risks to economic growth and profits.

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