A series of strong employment data😳
An unhelpful spate of healthy labour data (Challenger job layoffs recovered to a -8.2% YoY drop, versus -25.2% YoY in June, 4-week initial claims average down to 228.25k from 233.75k, blowout ADP from Wednesday) was met with an unexpected rise in the ISM services price index, where price gains rose the most in 2 years after nearly 16-months of uninterrupted drops.
