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This week’s jobs report had something for everyone. The headline number showed another upside beat on payrolls, with employers adding 313,000 jobs in February. This was well above expectations and continues the trend of strong job growth seen over the past year or so. However, other elements of the report showed signs of some softness in the labor market. Wage growth continued to decelerate, with average hourly earnings increasing by just 0.1% month-over-month. Additionally, there were some signs of financial strains emerging, as layoffs increased and the number of people quitting their jobs hit a new all-time high.
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