Fra Zerohedge:
So much for payrolls tracking tax withholdings. With many expecting a payrolls whisper number to come below the consensus print of 180K, moments ago the BLS reported that July payrolls soared by 255K, a number made even more impressive by the upward revision to the June print from 287K to 292K.
The unemployment rate remained flat at 4.9%, on expectations of a modest drop to 4.8%. Finally, making a strong case for a September rate hike was the average hourly earnigs which rose 0.3%, above the 0.2% expected, and well above last month’s 0.1%
The market reaction, as we previewed in the case of a substantial beat, is one which suggest a rate hike may come sooner than later.
