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US Job Growth Meets Fed's "Some" Improvement Threshold
The US employment data was largely in line with market expectations, which were for continued improvement in the labor market. There still is one employment report before the FOMC meeting in September, but the risks of a lift-off then appears to have increased. The 215k rise in nonfarm payrolls is in line with the six month average (213k). The May series was revised up by 6k and the June report by 8k. Manufacturing added 15k jobs, three times more than the consensus. The unemployment rate was unchanged at 5.3%, just above the Fed's estimated range for full employment. Earnings growth was in line with expectations, ... (full story)
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