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I will note that Q3 is when hundreds of thousands of displaced feds hit the labor market, while still drawing their government salaries.

Shifting people from nonproductive government jobs to productive private ones is great, but the double-dipped salaries might be causing a small distortion.

69 sats \ 2 replies \ @Aeneas 5h

Great insight!

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Thanks! There’s also an expectation that tariffs will mechanically raise the price level, which will look like GDP growth even though it really isn’t.

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