While the 287,000 net new jobs created in June was spectacular, the 11,000 net new jobs created in May was dismal. And, both give a false reading of the labor market. YTD, job creation is averaging 171,500/month compared to 220,333/month through June 2015. Job growth is indeed slowing, but growing fast enough to keep reducing the unemployment rate and is very solid given where we are in the business cycle.