The first week of Friday just ended, which means US job data are out. Let’s have a look. Do check the previous post on the previous figures. 1. Unemployment Rate The unemployment rate remains unchanged. It is 3.7% in June and 3.7% in July. This figure is in line with the forecasted figures. We are now at all-time lows, which is an indication of a strong US economy. Or is it not? 2. Non-farm Payroll (July) The non-farm payroll figures in June was revised down from 224,000 to 193,000. Not as robust as we thought, but still strong and healthy. The latest report for July came in at 164,000, exactly the same as the forecasted figure of 164,000. Nothing exciting. There are no signs of job contractions at the moment yet. When it falls into the negative territory, a recession (shaded grey area) usually follows. 3. Wage Growth Wage growth grew...