UK finance minister, Rishi Sunak, comments on the jobs report earlier
Well, the jobs report doesn't really tell us much of anything new. Jobless claims picked up again in July as employment conditions worsened but unemployment isn't deteriorating markedly considering the help by the government's furlough program.
It is hard to extrapolate much from the report and we will only get a better sense of underlying labour market and economic conditions later in the latter stages of Q3 and perhaps only in Q4 when the furlough program expires in October.
