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BMO analyst Ian Lyngen said today's...>

US DATA REACT
US DATA REACT: BMO analyst Ian Lyngen said today's "NFP came in slightly
higher-than-expected at 209k July vs. 180k consensus and the upward revisions to
the prior two months netted +2k. June was revised up to 222k vs. 231k prior. We
were encouraged to see an improvement in both the participation rate at
62.9%(vs. 62.8% prior) and the unemployment rate to 4.3% (although it just
rounded down as July was 4.350% and June 4.357%). The combination of these two
ostensibly makes the numbers look even stronger."
- He adds as for July average-hourly earnings, "the +0.3% MoM was the best on a
revised basis since February and the YoY level was left unchanged at 2.5% -- at
least it didn't fall."
- He said June trade gap "was better as well at -$43.6 bn vs. -$44.5 bn prior"
in May.

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