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Jobs weak but not all bad; +80K; 8.2% un. rate; but workweek/hours/wages rebound
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DE assessment: Payrolls rose a weak 80K in June, very close to 82K DE estimate and 90K consensus estimate but well below the 167K ADP estimate from Thursday. Revisions were minor, so the trend 3-month hiring rate seems stuck at 75K now. So the economy has slowed but is not losing any more momentum. In fact, other facets of the report were more promising–a rebound in the overall and factory workweek and an above-trend 0.3% gain in average hourly earnings. Still, investors will focus on the disappointing headline jobs gain of less than 100K for the third consecutive month and that the unemployment rate is stuck at 8.2%. The pressure on the Fed to act more aggressively and even adopt QE3 at the upcoming July 31/August 1 meeting increases.
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Research Studies
DE | Sinai Economic and Market Perspectives | Seeds of A Sovereign Debt Crisis Planted – 02/03/21
[private] [/private] Seeds of A Sovereign Debt Crisis Planted Allen Sinai* The U.S. and Global economies have undergone a fiscal/debt revolution of huge import from which there will be no turning away! The main catalysts read more
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