JPM economist Michael Feroli said.....>

US DATA REACT: JPM economist Michael Feroli said the July employment report "was

pretty solid across the board" and "almost all of the details came in a touch

better than expected. Job gains totaled 209,000 last month, better than the

12-month average of 180,000. After rounding, the unemployment rate edged down to

4.3%, and this occurred in the favorable context of a labor force participation

rate that ticked up to 62.9%. The average workweek was unchanged at 34.5 hours,

and now appears to have shifted up from last year's figure, which was a tick

lower. Lastly, average hourly earnings increased a high-side 0.3%, its best

showing so far this year."

- He adds that "while it's early going, today's figures look consistent with

another quarter of above-trend GDP growth (we have 1.75% penciled in for Q3,

with some upside risk)."