The US jobs report for July has no clear message: US econ added 187k jobs acc to Establishment survey, a tiny bit below Street’s +200k forecast. Acc to Household survey, number of employed people rose by 268k. Because of this 268k number, unemployment rate dipped to 3.5%, down from 3.6% in June and below estimated 3.6%. Wages ran hot, coming in at +4.4% YoY (vs Street +4.2% and vs +4.4% in June.