A.M. Update – Payrolls Miss, Wages Hot & Unemployment Rate Down

S&P future are up +0.4%. Payrolls missed expectations, but wages were hotter than expected, and the unemployment rate fell. Nonfarm payrolls rose by 187,000 in July (consensus 200,000) following a revised increase of 185,000 in June (from 209,000). This would have been the lowest payrolls print since December 2020 if June hadn’t been revised sharply…