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Koefoed: NFP looks weak but US economy stronger

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The July Non farm payroll data suggests an extra 209,000 jobs were added in the US. Saxo Bank's Head of Macro Strategy Mads Koefoed gives us his reaction to the number. His initial assessment is that the figure "looks weak, but only because the Labour market is currently doing very well". Although slightly disappointing the number was above 200,000 for the sixth straight month and suggests that the US economy is continuing to show underlying strength.
• Revision to two prior months: +15K
• 6th consecutive +200K print
• 6-month average of nonfarm payrolls is 244K
• Average earnings weak, 0% m/m vs. 0.2% expected
• Unemployment rate rise 0.1pp to 6.2% but this is due to participation rate which also rose 0.1pp to 62.9%