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MNI US OPEN: Payroll Deceleration Expected

EXECUTIVE SUMMARY:

  • MNI JULY NONFARM PAYROLLS DEALER MEDIAN: +270K
  • CHINA ANNOUNCES SANCTIONS ON US HOUSE SPEAKER PELOSI: MOFA
  • BOE'S BAILEY DENIES BANK WAS TOO SLOW TO ACT ON INFLATION
  • EUROZONE INDUSTRIAL PRODUCTION DATA MOSTLY BETTER THAN EXPECTED; ITALY SLUMPS
  • BOJ CONCERN GROWS OVER MEGABANK INVESTMENT LOSSES (MNI INSIGHT)

Fig. 1: US Nonfarm Payroll Gains Seen Decelerating In July

Source: BLS, MNI Dealer Median in Red



NEWS:

US NONFARM PAYROLLS (MNI PREVIEW): Consensus sees nonfarm payrolls growth moderating in July in a resumption of a downward trend after four remarkably steady months as the gap on pre-pandemic employment levels is almost completely shut. Particular focus is likely on the strength of jobs growth plus any differences between establishment and household surveys, with FOMC speakers putting weight on labour market strength as evidence against the economy already being in recession.

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EXECUTIVE SUMMARY:

  • MNI JULY NONFARM PAYROLLS DEALER MEDIAN: +270K
  • CHINA ANNOUNCES SANCTIONS ON US HOUSE SPEAKER PELOSI: MOFA
  • BOE'S BAILEY DENIES BANK WAS TOO SLOW TO ACT ON INFLATION
  • EUROZONE INDUSTRIAL PRODUCTION DATA MOSTLY BETTER THAN EXPECTED; ITALY SLUMPS
  • BOJ CONCERN GROWS OVER MEGABANK INVESTMENT LOSSES (MNI INSIGHT)

Fig. 1: US Nonfarm Payroll Gains Seen Decelerating In July

Source: BLS, MNI Dealer Median in Red



NEWS:

US NONFARM PAYROLLS (MNI PREVIEW): Consensus sees nonfarm payrolls growth moderating in July in a resumption of a downward trend after four remarkably steady months as the gap on pre-pandemic employment levels is almost completely shut. Particular focus is likely on the strength of jobs growth plus any differences between establishment and household surveys, with FOMC speakers putting weight on labour market strength as evidence against the economy already being in recession.

Keep reading...Show less