William Blair：2026年经济学周报：劳动力市场可能没有想象的那么弱（英文版）

Over the last two quarters, the Fed has shifted its emphasis away from the inflation half of its dual mandate and back toward the employment side. It is taking the view that inflation will continue to decelerate, but employment growth is starting to more tangibly slow and further rate cuts were needed to shore up growth and prevent further deterioration. In our view, while there is a clear deceleration in job growth taking place, it looks to be driven as much, if not more, by supply-side dyna