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The latest employment numbers, released on Friday by the Bureau of Labor Statistics, reinforce a key point I made in my assessment of April’s data (see the April jobs analysis) when it was released last month: while many market participants have taken the slow improvement in labor market outcomes as a precursor of an absorption rebound, confidence intervals on fundamentals forecasts should remain wider than prevailing investment trends suggest. In leading markets around the country, investment and credit inflows anticipate that employment momentum will definitely accelerate even as an analysis of the underlying economic data calls for a more reserved assessment.

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