The effects of the subprime crisis
The US employment report for July showed headline non-farm payrolls gaining 92,000 jobs on consensus expectations of 127,000. Downward historical revisions contributed to the report's underlying negative tone.
June non-farm payrolls were revised to 126,000 from an initial estimate of 132,000, while May was revised to 188,000 from a previously reported 190,000 and an initial estimate of 157,000.
This totalled a surprise of 43,000 fewer jobs for the May–July period. Elsewhere, the unemployment rate
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