US Jobs Surprise, Canada Disappoints

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The markets angst over the underlying trend in the US labor market eases with the help of the second consecutive robust report. The 255k rise in non-farm payrolls was well above expectations, and the details were mostly favorable. There was upward revisions to the May and June reports. Average hourly earnings rose by 0.3%, a little more than expected, and when rounded, the year-over-year rate of stayed at 2.6%, which matches the cyclical high, and will likely support consumption. The 9k increase in manufacturing and the overall rise in the workweek bodes well for output. The participation rate ticked up. The underemployment rose ... (Read the full story)