Jefferies chief financial economist...>

US DATA REACT: Jefferies chief financial economist Ward McCarthy said on July

jobs report that "both the establishment and household surveys are rock solid.

This is a very impressive employment release across the board." 

- He noted July nonfarm payroll employment proved "stronger than expectations"

as it "rose 209k, with private payrolls up 205k and government payrolls up 4k.

Private service-providing payrolls rose 183k, with goods-producing payrolls up

22k. The increase in June payrolls was revised from +222k to +231k. The increase

in private payrolls in June was revised from +187k to +194k."

- He added that the "average hourly earnings (AHE) for all private sector

workers rose 0.3%, while the historical AHE for private production and

nonsupervisory workers also rose 0.3%. Year/year, the former is up 2.5% and the

latter is up 2.4%. The yoy rise in AHE in the good-producing sector was 2.6%,

while the yoy rise in the service sector was 2.3%."