July 2014 US non-farm payrolls report highlights: Prior reading was 288K (revised to 298K) Two month net revision: +15K Private payrolls 198K Prior private payrolls was 262K (revised to 270K) Unemployment rate 6.2% (unrounded at 6.19%) Prior unemployment rate was 6.1% Underemployment rate 12.2% vs 12.1% Participation rate 62.9% vs 62.8% prior Avg weekly earnings 0.0% vs 0.2% exp Avg hourly earnings 2.0% y/y vs 2.2% y/y exp Avg weekly hours 34.5 vs 34.5 prior The main headline in a good gauge of the overall report. On the net the jobs numbers are close to expectations but slightly on the downside given soft private jobs and rising unemployment. The deciding vote goes to wage inflation metrics and they were very soft. The market was frightened about the Fed raising rates but there’s nothing to spook the Fed here. Fast money was definitely leaning toward US dollar strength and took a quick hit with USD falling about 30 pips across the board.

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