‘Solid but not spectacular’ was how our London colleague Nick Parsons described Friday’s US payrolls report. While headline payrolls increased 209k, below expectations, there were upward revisions of 15k to May and June. However, equities were undoubtedly looking for softer aspects of the report such as the rise in the unemployment rate to 6.2% from 6.1% and unchanged average hourly earnings which together drove market reaction.
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