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    US NFP preview: We expect a rebound - Lloyds  Bank Matías Salord

    Analysts from Lloyds Bank expect that next week, the US employment report, to show a rebound to 195K in NFP.Key Quotes:“US employment growth was much weaker than expected in May. That may represent a lagged reaction to the slowdown in GDP growth seen in Q1. However, other indicators have so far failed to confirm this apparent weakening in the labour market.”“Consequently, we think it is likely that payroll growth will have rebounded in June and look for a 195k outturn. The fall in the unemployment rate to a new cycle low of 4.7% was primarily driven by a large fall in labour force participation. A pickup in participation in June is expected to push the unemployment rate up to 4.8%. Meanwhile, average earnings growth is forecast to accelerate to an annual rate of 2.7%.” 


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