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Here's how to trade the big jobs report miss

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The May jobs report came in much worse than expected, shocking a market that was preparing for a possible Fed rate increase this summer. So how do you trade it?

The U.S. created 38,000 jobs in May, according to the Labor Department, vs. 162,000 expected. Using Kensho, CNBC Pro looked at all the times in the last decade when the nonfarm payrolls figure missed the consensus estimate from economists by 50,000 jobs or more. This has occurred more than 30 times.

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