A.M. Update

July nonfarm payrolls fell by -23,000 jobs (consensus 86,000), from a downwardly revised prior increase of 20,000 (from 57,000). That’s over a -100k miss to consensus. May and June together were revised down -103,000 jobs. Nonfarm private payrolls increased by 30,000 (consensus 69,000), from a downwardly revised prior increase of 30,000 (from 49,000). The unemployment…