Job applicants wait in line at a technology job fair in Los Angeles. Photo: Reuters

The July US employment report came in slightly stronger than expected at +209,000 vs a consensus of 180,000 (with a small upward revision for June).

Virtually all the gain came at the bottom of the economic food chain: Leisure and hospitaly +62,000, Health Care +45,000, and professional and business services +49,000. Retail, unsurprisingly, was flat. Manufacturing was up 16,000.

Market reaction was muted, with the 30-year Treasury bond losing only 6/32nd on the news. EUR/USD fell from 1.870 to 1.840.