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US jobs report - the worst possible outcome?
US non-farm payrolls rose 1.763mn in July, above the 1.48mn consensus with unemployment rate falling to 10.2%. Wages growth is at 4.8% year-on-year supposedly, but should be ignored – it is caused by the fact there are fewer people in low-income employment as they have been fired so “average” hourly earnings are skewed higher versus 2019. The details show that the service sector saw most of the gains with leisure/hospitality up 592k, trade and transport rising 291k, retail up 258k and business services up 170k. Manufacturing (+26k) and construction (+20k) saw more muted gains while government employment rose ... (full story)
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