Limited Labor

Last Friday’s employment numbers were good, not great. 295,000 net new jobs is outstanding, and employment growth during the last year has been the best since 2000. Better yet, almost all the new jobs are in the private sector, almost all are full-time, and the unemployment rate fell to 5.5%. But the labor force shrunk by 178,000, the labor force participation rate fell slightly and wage growth remains weak.

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