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NFP Takes Focus in New Phase of 'Totality'

US DATA
  • Focus, understandably, turns to today's NFP release, with Powell most recently stating that the Fed will consider the 'totality' of data ahead of September's rate decision.
  • Markets expect +298k job gains this month, down from July's +528k.
  • There will again be focus on the strength and breadth of jobs growth plus any difference between establishment and household surveys, with FOMC speakers putting weight on jobs growth strength as evidence against the economy already being in recession (an argument supported by strength of GDI vs GDP in 1H22).
  • Full MNI Preview 'Markets Unprepared For A Miss' inc. Sell-side views and a breakdown of recent labour market indicators here: https://marketnews.com/mni-us-payrolls-preview-mar...

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