In isolation, the US economy adding +4.8m jobs (which is a record number) sounds incredible. However, this comes amidst the backdrop of employment levels still being around -15m jobs lower than it was back in February. This “positive” data came on a day where record numbers of COVID-19 infections were reported (around 54,000) and where weekly jobless numbers continues to come in higher than expected. With 12 states pulling back from their re-opening procedures, there is a real concern than July could now be a month were the positive data of June is undone. So, the risk positive reaction of the payrolls report ... (full story)