That's a beat on headline, and........>

US DATA REACT: That's a beat on headline, and unemp 11.1% vs 12.5% exp (13.3%

prior), alongside U6 rate lower at 18% vs 21.2%. With rise in participation rate

from 60.8% to 61.5%.

- Still caveats here, from BLS: "If the workers who were recorded as employed

but absent from work due to "other reasons" (over and above the number absent

for other reasons in a typical June) had been classified as unemployed on

temporary layoff, the overall unemployment rate would have been about 1

percentage point higher than reported", but not enough to account totally for

the beat on the unemployment rate."

- Initial and continuing weekly claims a little higher than expected though.

- Overall, hawkish initial reaction on the NFP beat, Tsys weaker.