The decline in non-farm payrolls for July at -247,000 was much lower than expected. The unemployment rate also fell from 9.5% in June to 9.4% in July. Average hourly earnings also showed a slight increase, and the average workweek stopped declining as well.
The S&P 500 has rebounded about 50% from its lows in March, and now the economy needs to deliver on that anticipated growth.
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