BMO's Aaron Kohli noted that US.......>

US DATA REACT: BMO's Aaron Kohli noted that US December payrolls "disappointed

across the board with the headline at +148k versus the +190k estimate and

private payrolls at +146k versus +193k seen. The slight upward revision to the

prior read didn't make up for the miss and the net -9k revision for the prior

two months was another negative. Adding to the sense of disappointment was the

average hourly earnings read, which came in at consensus of 0.3% MoM and 2.5%

YoY, but was revised down for the prior month to 0.1% and 2.4% respectively."

- He adds that the Dec. unemployment rate "was stable at 4.1% along with the

participation rate at 62.7%. The only bright spot was manufacturing payrolls

which came in at +25k, outperforming consensus of +19k. U6 rose marginally to

8.1% from a prior 8% read. Overall a soft employment report to be sure. Trade

balance was marginally negative at -$50.5 bn for November versus -$49.9 bn

seen."