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The labor market data released in early February by the BLS (Bureau of Labor Statistics) was noteworthy primarily for two reasons.
First, the U.S. labor market is still doing very well, adding more than 170,000 jobs on a monthly basis over the last half year. And the figures for the final months of 2024 were revised up.
However, the second note to be made pertains to the annual benchmark revision to the employment numbers, which led to a downward revision of around 600,000 to the total number of payroll jobs. Furthermore, job growth in several industries that predominantly employ white-collar