INTRADAY ALERT: June jobs (NFP) soft on headline, somewhat strong on wages. But strangely wage gains in manufacturing, while services wages SLOWED to 0.30% from +0.36% = overall good. Overall, good enough to keep buying the dip ahead of June CPI.

NEW: Section (above) added identifying Key Recommendations and Super Grannies

The June jobs report was released today and overall paints a softer picture for the jobs market compared to the "hot" ADP June jobs report released the day before (7/6). Yesterday, there was a sharp reaction in the bond and volatility markets to the ADP report, leading to higher yields and a spike in VIX. While the details in this employment report are not entirely soft, we think the overall message f...

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