Another solid non-farm payrolls report, with 1.763mn jobs added in July, taking the 3-month gain to 9.27mn.  That means the US has now recovered roughly 40% of the jobs shed during the turmoil of March and April.  The report cements confidence that the labour market continues to repair, mirroring the conclusions of yesterday’s weekly jobless claims, if not the lower than expected ADP print we got on Wednesday.