US non-farm payrolls numbers suggest modest slowing

Summary: Non-farm payrolls up 209,000 in June, greater than expected; previous two months’ figures revised down by 110,000; jobless rate ticks down to 3.6%, participation rate steady; NAB: suggestive of modest trend slowing of net hiring; employed-to-population ratio steady; underutilisation rate up; annual hourly pay growth steady at 4.4%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020. The unemployment...

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