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May employment report very weak +75k; Net...>

US DATA
US DATA: May employment report very weak +75k; Mar-Apr Net Rev -75k
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- Nonfarm payrolls well below-expected +75k vs +185k MNI, +178k BBG
- Hourly earnings +0.2% vs +0.3% MNI, BBG expected after unrev +0.2% Apr
- Softer payrolls, earnings likely to feed into rate cut discussions
- Y/Y hourly earnings slipped to +3.1% after +3.2%
- Private payrolls +90k, widespread small gains, but retail -8k
- Downward revision for April (now +224k) and March (now +153k), Net -75k
- The unemp rate as-expected 3.6% (3.62% unrounded vs 3.585% April).
- Labor force participation rate unch at 62.8%, U-6 rate -0.2 to 7.1%

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