Having thought that the wages sides of Friday’s US employment report might carry the day, in the event it was the slightly softer than expected non-farm payrolls print, with its attendant downward revisions, which prompted all of the post-data price action. With revision, the 189k NFP print reduced to 140k. This means payroll growth has averaged 218k in the past three months, down from 288k in the first four months of the year, a meaningful if modest slowdown, albeit enough to keep the unemployment rate flat. It was 3.5% at the end of 20122, and 3.5% now. Average Hourly Earnings at 0.4% m/m left the annual growth ... (full story)