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Stéfane Marion, analyst at National Bank of Canada, suggests that the US June employment report depicted a resilient economy that continues to generate good job creation.

Key Quotes

“The jobless rate may have increased a bit during the month, but we are not concerned about that given that unemployment is increasingly frictional, i.e., people in the process of moving from one job to another.”

“Case in point, the share of unemployed people that left their job voluntarily surged to 14.7% in June, a two-decade high.”

“Such a development does not argue for an aggressive path of interest rate cuts by the Federal Reserve.”