Modest downside surprise for June job growth of 209k (consensus: 230k) with -110k downward revision to prior 2 months.
However, unemployment beat (3.6% vs 3.7%), avg hourly earnings beat (0.4% vs 0.3%) and avg weekly hours beat (34.4 vs 34.3).
Interesting detail on the unemployment rate: while headline ticked down -0.1%-pt to 3.6%, the decline would have been larger if not for teenage unemployment jumping to 11% from 10.3%... Meanwhile, adult unemployment moved down to 3.4% from 3.5% for men and to 3.1% from 3.3% for women.
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