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"June payrolls rose only 18K, well below the consensus, 105K. And the net revision was a hefty -44K. The unemployment rate rose a tenth to 9.2% - it was expected to be unch - and hourly earnings were flat, below the 0.2% consensus. This is a big bucket of very cold water." Still, they say "the details aren't quite as bad as the headline, with private payrolls up 57K, but that's still pretty terrible" - but they point out other data are improving so economy may be steadying.
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