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Skanda Amarnath emphasizes the importance of viewing payroll data holistically to account for regular revisions.
He points out that last month's reported negative jobs number, which was previously seen as a reason to halt a U.S. Federal Reserve rate hike, has been overturned by subsequent data. Amarnath adds that job gains are now averaging 82,000 per month, which he describes as solid relative to current labor supply and even stronger compared to last year.
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Amarnath previously highlighted flaws in consensus views on the latest U.S. jobs report, suggesting it could prompt a more hawkish response from the Federal Reserve. He has also pointed to the role of inflation in shaping interest rate policy, noting the importance of cutting inflation to lower rates in his recent analysis. These statements provide context for his current focus on nuanced readings of labor market data.