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Mixed US jobs data signals September pause
We have a very mixed US jobs report for July. US non-farm payrolls rose 187k versus the 200k consensus prediction and there were 49k of downward revisions. Manufacturing employment fell 2k with private sector employment rising 172k in total, a third of which came from healthcare. This is all from the establishment survey, which questions employers. The household survey is stronger, seeing the unemployment rate drop to 3.5% from 3.6% with employment rising 268k and unemployment falling 116k. Meanwhile, average hourly earnings rose 0.4% month-on-month/4.4% year-on-year, not 0.3%/4.2% as hoped. The participation rate ... (full story)