Summary: US non-farm payrolls up 206,000 in June, above expectations; previous two months’ figures revised down by 111,000; jobless rate ticks up to 4.1%, participation rate inches up to 62.6%; Westpac: signs of cooling; US Treasury yields fall; expectations of Fed rate cuts harden; employed-to-population ratio steady at 60.1%; underutilisation rate steady at 7.4%; annual hourly pay growth slows to 3.9%. The US economy ceased producing jobs in net terms...