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Employment Misses, But June Revised Massively Higher…Economic Recovery Continues…In Fits And Starts…Trump May Suspend Payroll Tax With EO

Employment Misses, But June Revised Massively Higher...Economic Recovery Continues...In Fits And Starts
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Private employment in the U.S. added 167k jobs in July in a big miss where economists expected 150k. However, June jobs data was revised massively higher by over 2mm. Hiring slowed In July as the ‘second wave’ fear porn was spread, but the economy is growing and people are getting back to work. Most of the jobs added in July were in the service sector.

President Donald Trump declared he may suspend the payroll tax himself with an executive order as the electio approaches and Democrats stall business-friendly policies.

“Well, I may do it myself,” President Trump said. “I have the right to suspend it, and I may do it myself – I have the absolute right to suspend the payroll.”

Markets are higher this morning after progress was reported on a new Chinese coronavirus stimulus bill.

Economic indicators also show services and manufacturing PMI in July beat expectations handily.

ADP Employment Change (Jul) printed at 167k vs 1500k consensus estimate (Jun revised higher by 2mm)

Trade Balance (Jun) printed at -$50.7B vs -$50.1B estimate.

Market Services PMI (Jul) printed at 50 vs 49.6 estimate.

Markit PMI Composite (Jul) printed at 50.3 vs 50 estimate.

ISM Non-Manufacturing New Orders Index (Jul) printed at 67.7 vs 64.7 estimate.

ISM Manufacturing PMI (Jul) printed at 58.1 vs 55 estimate.

ISM Non-Manufacturing Employment Index (jul) printed at 42.1 vs 51.1 estimate.

ISM Non-Manufacturing Prices Paid (Jul) printed at 57.6 vs 64 estimate.

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