Barclays economist Michael Gapen......>

US DATA REACT: Barclays economist Michael Gapen called July US employment report

a "model of consistency" as "there is little" within it that "alters our

assessment of US labor market conditions. Employment gains remain solid and have

slowed little despite the beginnings of Fed policy normalization. It has been

our long-held view that employment gains would remain sufficient to keep the

unemployment rate in a downward trend, as has been the case in prior

expansions."

- He adds "the July data are consistent with this view. In turn, this leaves us

comfortable with the implications for further moderate growth in economic

activity and gradual Fed normalization. Aggregate income growth remains solid

despite the lack of evidence of acceleration in wage growth, which should keep

household spending growth at a rate that keeps the economy above potential, and

the lack of acceleration in wage growth means the Fed can afford to be patient

as it gradually removes accommodation."