July non-farm payrolls as expected; “a clear downward trend”

04 August 2023

 

Summary: Non-farm payrolls up 187,000 in July, in line with expectations; previous two months’ figures revised down by 49,000; jobless rate ticks down to 3.5%, participation rate steady; ANZ: private payrolls growth has clear downward trend; employed-to-population ratio ticks up to 60.4%; underutilisation rate down; 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...

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