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RBC Capital Markets economists......>

US DATA PREVIEW
US DATA PREVIEW: RBC Capital Markets economists "look for nonfarm payroll
employment to come in near a more trend-like 180k in June. Jobless claims remain
at the cycle (and all-time) lows and continue to point to extremely limited
stress in the labor market." RBC adds that "job openings just printed a fresh
all-time high of 6.7 million. The ability with which businesses are able to fill
these openings and the flow of the cyclical cohort (25- to 54-year-olds) back
into the labor force will dictate how far above the potential NFP pace (appr
100k) we continue to perform."

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