While markets have focused on the slight miss in the headline number, the real message of the August labour Market report was that the Manufacturing sector is booming.  Manufacturing payrolls jumped by a seasonally-adjusted +36k in August; their largest monthly gain in 4 years.  Moreover, the 3-month gain in manufacturing jobs is a now a punchy +83k; the strongest since 2012Q1.  The BLS also provides a diffusion index for manufacturing employment which measures the breadth of jobs...(continued)

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