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Payrolls See A Rare Miss And Large Downward Revisions

  • Payrolls smaller than expected at 209k in June (cons 230K) and the key initial takeaway is the -110k two-month revision.
  • The latter is split between -33k for May (so still v strong at 306k) and -77k for April.
  • 3-mth average dips from 247k to 244k, six-month still 278k.
  • Also note the larger than expected govt contribution once again, private more muted at 149k (cons 200k) along with -98k two-month revision. 3mma of 196k.
  • See summary below.

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