“Nothing” to make Fed hawkish in June payrolls report

Summary: Non-farm payrolls increase by 850K in June; more than expected; previous two months’ figures revised up by 15K; jobless rate up, participation rate steady; 40% of gain from leisure/hospitality; total employment still 6.8 million below February 2020; “nothing” for Fed to become hawkish about; jobs-to-population ratio steady at 58%; underutilisation rate falls below 10%; annual hourly pay growth increases to 3.6%.   The US economy ceased producing jobs in...

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