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Read the highlights of this week's commentary from Helios:
- Payrolls rose 209,000 in June, below estimates of a 230,000 gain, though still confirming the continuation of the tight labor market. The unemployment rate fell to 3.6%, and the pace of wage gains ticked up slightly to 4.4% from 4.3% in May.
- The day before the payrolls report, the ADP employment report perhaps gave a bit of a head fake by suggesting that there were nearly a half million new jobs, though ADP’s reports tend to be much noisier.
- ISM Manufacturing Index stayed solidly in contractionary territory at 46.0 for June (values below 50 indicate a contraction), the 8th consecutive month of readings below 50.
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