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Weak Data Over 50Bp ECB Hike

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BMO analysts said the August..........>

US DATA REACT: BMO analysts said the August employment report, which included a
156,000 nonfarm payroll employment gain, "was softer by any measure, although
the misprint by the newswires that showed July's AHE revised lower (subsequently
clarified to unrevised at +0.3%) confused the issue, to put it mildly." 
- They added "in the final count, headline payroll growth disappointed and was
accompanied by downward revisions totaling -41,000. The unemployment rate
unexpectedly ticked higher, while the participation rate was unchanged and wages
were softer than anticipated, but not as troubling as the phantom revisions
initially implied. The yearly change in total AHE was unchanged at 2.5% and for
non-supervisory workers, the pace was 2.3% -- both low and holding the broader
trend, but not pressing the lower bound." 
- They said "the absence of realized inflation, despite the moderate wage
growth, has been a topic of much debate and the perception that the Fed has
'moved-on' from the divergence arguably leaves the market less sensitive to the
slower pace."

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