Not ALL bad in Nonfarm Payroll report

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from Cesar at Valance:

  1. trend in construction job losses looking better- consistent with housing market getting to a point where drag on GDP will disappear. the prints since March are -39, -59, -38, -50, -20, and -8 in August
  2. Diffusion index jumped from 41.4 to 48.9 (less sectors with job losses)
  3. 37k of 101k job loss in private sector came from temp help

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