In a better-than-expected jobs report, employers increased headcount, but the average workweek shortened. The unemployment rate fell to 3.5%, the lowest since 1969. Wage growth moderated, a sign that the labor market has begun to cool without a debilitating hit to payrolls at this time. This should allow the Fed to downshift the pace of rate hikes to 25 bps at the next meeting, as they feel their way to "sufficiently restrictive." ISM Services PMI falls sharply into contraction territory. Factory orders decline.
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