MACRO
US
· The U.S. created 287,000 jobs in June, a bounce-back from May's low number. The already weak payrolls growth from May was revised even further downward, to 11,000. April's growth, meanwhile, was revised upward from 123,000 to 144,000.
· The BLS also reported that the average workweek for all employees on private nonfarm payrolls was 34.4 hours — the fifth consecutive month for that result. Hourly earnings, which have been slow to rise following the recession, edged up two cents to $25.61.
· The labor force participation rate in June was little changed at 62.7%, from 62.6% in May. The national unemployment rate, meanwhile, rose slightly more than expected in June, to 4.9 percent.
China
· China's factory-gate deflation eased for the sixth straight month, giving policy makers fresh evidence falling prices are turning a corner after more than four years of declines.
· The producer-price index fell 2.6 percent in June, compared with a 2.8 percent drop a month earlier, the National Bureau of Statistics said Sunday. The decline was the smallest since late 2014. Theconsumer-price index rose 1.9 percent from a year earlier, compared with a median economist estimate of 1.8 percent and a 2 percent gain in May.
Source: Bloomberg, CNBC, Phillip Securities Research (Singapore)
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