The unemployment number published yesterday in the U.S. was a mixed bag. The headline number told us that the job growth (272k) was above consensus (180k), but labour force participation fell (62.53%). And prior job growth numbers were revised down. The unemployment rate for the month of May stands now at 3.96%, right below the 4% handle. The economy still shows signs of strength, but there are weakening trends: temporary unemployment is up, and wage growth is trending down. The overall message is not strong enough one way or another to conclude anything. The data dependent Fed may need to wait further to justify lowering rates.
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