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LAST UPDATE:12/4/2021
CQM 20211203 CQM 20211203

November employment increased 210,000, much lower than the market consensus of more than 500,000. But it revised upward the economic growth rates on both the expenditure and income side. However, November employment hardly affected economic growth rate in PCA approach. The negative effects on economic growth by PCA of October real construction spending and interest rate spread more than offset the positive effect of November employment. There are some differences of economic growth forecasts among the expenditure and income sides by CQM approach and PCA approach. The differences will narrow due to updating the December stock price and re-estimating statistical discrepancy.

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