News of a 467,000-job loss in June, one-third worse than forecast, is hurting stocks but no help to long rates: the 10-year is stuck at 3.5 percent, mortgages just under 5.5 percent.

"Green shooters" say the payroll weakness was magnified by temporary auto-plant closings, and they point to signs of bottom in auto sales and housing prices, and see optimism in the June ISM-manufacturing survey crawling uphill.

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