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Moderate US employment growth

July 9, 2012

US nonfarm payrolls grew at a slower-than-anticipated rate in June. Payrolls rose 80,000 last month, compared to a consensus forecast of 100,000, after a revised 77,000 gain (initial estimate: 69,000) in the previous month. Private employment, excluding government agencies, increased 84,000 (consensus: 106,000) after 105,000 (82,000) in May. Job creation averaged 75,000 per month in the second quarter, compared with an average gain of 226,000 in the first three months and was not enough to bring down the 8.2% unemployment rate.