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Where to now?  Tomorrow October’s BLS labor report is released.  It is largely expected to remain relatively “robust” as it relates to the current recovery....

In my view the employment report was relatively strong in many dimensions.  Both private sector and non-farm payrolls were considerably higher than expected and so were the revisions from August.  The jobless rate fell to 5.9%, the lowest rate since July 2008’s level of 6.1%. ...

The August payroll number was a shock.  Yes the unemployment rate did fall to 6.1% from 6.2% but this was the result of worker’s leaving the work force pushing the labor participation rate down to 62.8% from July’s 62.9% level.   The LPR is matching the...