Non-farm Payrolls in the US are expected to come in above “normal” once again. That would affirm the notion that the US employment situation remains “hot”, and that the Fed can focus on getting inflation down. The total number of people employed in the US is higher now than it was before the pandemic, suggesting that the jobs market has at least nominally recovered. However, the participation rate, and the share of the population holding down a full time job is less than it was at the start of 2020. The main drivers According to the latest BLS report, there were over 10.1M job openings, but just 6.0M people looking ... (full story)