every Saint has a past. Every Sinner has a Future
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Healthy US jobs data bad news for the economy
If a softer US labour market is part of the solution to the United States’ inflation problem, there was precious little hard evidence of it in Friday’s June payrolls report. A 74k net downward revision to payrolls over April and May combined took a little gloss off the higher than expected 372k June headline print, but the unemployment rate printed at 3.6% (its post-pandemic low) for the fourth consecutive month, while average earnings growth is still running above 5% y/y, albeit the monthly run rate was only 0.3% after May was revised up to 0.4% from 0.3%, suggesting annual growth can fall back to nearer 4% in ... (full story)