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“Market attention is quickly shifting to this delayed September non-farm payrolls report – data that we should have gotten almost seven weeks ago,” Deutsche Bank analysts noted in a note on Thursday. “Normally, data from months ago would not have much impact, but a December rate cut could hinge on whether this data is weak – a possibility that certainly exists, especially given that the 2025 equilibrium job growth rate is already so low that any signs of weakness would be particularly prominent.”
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