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US June Payrolls Preview: Only A Huge Miss Will Derail The Fed Plan To Hike In July
Ahead of tomorrow's nonfarm payrolls report, labor market proxies have been mixed in June: as Newsquawk notes, initial jobless claims spiked in the comparable survey week, with the four-week moving average higher heading into the June data; within S&P Global’s flash PMI data, the employment sub-indices eased, though remain above the 50-mark, which separates expansion and contraction; the ISM manufacturing data saw employment fall into contraction, but the services gauge saw the employment index rise into expansion; ADP’s gauge of payrolls growth spiked higher in the month, while Challenger Layoff numbers ... (full story)