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INTRADAY ALERT: June jobs report incrementally dovish = incrementally positive for stocks

THIS INTRADAY ALERT IS SENT SOLELY TO SUBSCRIBERS OF FS INSIGHT

Today's June job report was inline, despite a headline beat of jobs added at +206k vs +190k consensus. Offsetting this is unemployment rate rose to 4.1% (+0.1%) and prior month revisions were negative -111k. That is a big number.

To us, the message is the labor market is slowing. Previously, the Fed was reluctant to reduce interest rates, despite the softer inflation, because of the perceived strong labor market. This is less and ...

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