

Summary
• NFPs were lower than expected, with a broad-based slowdown in employment growth.
• Participation fell but will probably slowly recover going forward.
• Nominal wage growth remained high but real wage growth low and in line with unemployment.
• The NFP cleared Chair Powell’s bar for a November taper.
Summary
• NFPs were lower than expected, with a broad-based slowdown in employment growth.
• Participation fell but will probably slowly recover going forward.
• Nominal wage growth remained high but real wage growth low and in line with unemployment.
• The NFP cleared Chair Powell’s bar for a November taper.
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