I don’t have much to say about this morning’s job report other than to note that my dog is still jobless (will work for food and belly rubs). It was another standard report for this recovery and it echoed most of the recent reports. That is, it was just okay and showed that the US economy is growing though just modestly.
Most importantly, I have no idea why we are talking about a September rate hike. The global economy appears very fragile and the US economy is not robust. I am not sure why they’d rush to raise rates when there is really no risk in waiting until December or 2016.
Anyhow, I wanted to put this labor recovery in perspective for you. Over the last 6 years we’ve experienced labor markets that got better with each year. 2015 is shaping up to be the first down year on a relative basis. But it’s still the second strongest year of labor market gains since the recovery began. Not great, but not so bad either: