Summary: Non-farm payrolls up by 372,000 in June, greater than expected; previous two months’ figures revised down by 74,000; jobless rate steady at 3.6%, participation rate slips to 62.2%; little evidence of softer US labour market; jobs-to-population ratio declines; underutilisation rate falls to 6.7%; annual hourly pay growth slows to 5.1%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020....