The headlines all look bullish on non-farm payrolls but when you dig into the report there are some real caveats:The headline might have beat the consensus by +46K but the prior two months were revised by a combined -71KUnemployment held steady at 3.7% vs 3.8% expected but labor force participation fell by 0.3 pp, meaning employment to population worsenedGovernment jobs rose by 52K, which is a big chunk of the report and doesn't exactly point to a roaring underlying economyThe household survey saw 683K in job lossesGiven the strong ADP and initial jobless claims numbers yesterday, the market was clearly leaning towards a beat.The one data point that will give the Fed some real pause was aver
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