Markets were generally optimistic surrounding the US employment release following a run of strong data
over the previous few days. In the event, there was a weaker than expected report with a headline nonfarm
employment increase of 169,000 for August compared with an expected 180,000. The damage from
the headline could have been contained, but there was also a substantial downward revision to July’s
figure at 104,000 from 162,000 previously. There was a decline in the unemployment rate to 7.3% from
7.4% which provided only limited relief as workers had left the labour force.
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