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FTN's Jim Vogel said the US "broad....>

US DATA REACT
US DATA REACT: FTN's Jim Vogel said the US "broad labor indicators" are "in fine
shape, but nothing to startle bond traders" in the November jobs report. 
- "The misses on expectations for average hourly earnings were a function of bad
estimates more than bad outcomes," he said. "The year-over-year change of 2.5%
is more than not shabby given the size of the increases in the fourth quarter of
last year. It's a steady climb, not the sprint that some have feared with
unemployment below 4.5% since the first quarter."

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