June's Nonfarm Payrolls were disappointing with both the headline and private sector numbers coming in below expectations. The unemployment rate was, at 8.2 percent, unchanged as expected. There was good news in the revisions for May. Private sector payrolls were revised up to 105,000 from 82,000. While the figures are not disastrous, the underlying momentum, as shown in the following chart, is still likely to concern the Fed but not sufficiently to convince the FOMC to opt for more QE at its forthcoming meeting at the end of this month. September's FOMC meeting will be associated with the Fed's economic projections. By then the FOMC will have two more months of job numbers. It will also have plenty more data on the economy. If the economic news shows there has been a further loss of momentum, the likelihood is that the FOMC will use September's meeting to deliver more stimulus.

IMPORTANT NOTES
The information contained in this report represents an impartial assessment of the value or prospects of the subject matter. Graphs, performance data etc are as at the close of business on the day preceding the date of the note. The information contained in this report has been taken from sources disclosed in this presentation and is believed to be reliable and accurate but, without further investigation, cannot be warranted as to accuracy or completeness. The opinions expressed in this document are not the views held throughout Brewin Dolphin Ltd. No Director, representative or employee of Brewin Dolphin Ltd. accepts liability for any direct or consequential loss arising from the use of this document or its contents. We or a connected person may have positions in, or options on, the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition, we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy, a printed copy  is available on request. The value of your investment or any income from it may fall and you may get back less than you invested. Past performance is not a guide to future performance. If you are in any doubt concerning the suitability of these investments for your portfolio you should seek the advice of a qualified investment adviser. Brewin Dolphin Ltd, a member of the London Stock Exchange, authorised and regulated by the Financial Services Authority. Registered office: 12 Smithfield Street London EC1A 9BD. Registered in England and Wales no 2135876.

June's Nonfarm Payrolls were disappointing with both the headline and private sector numbers coming in below expectations. - Mike Lenhoff, Chief Strategist