More Mediocrity

declineToday’s labor numbers were OK. First-time claims for unemployment remain very low at 281,000, employment growth is solid averaging 208,000/month YTD, and unemployment is just 5.3% with full employment less than a year away. But, wage growth remains weak averaging just 2% over the past year and the labor force participation rate continues its meandering demographic decline to only 62.6%. The strong employment data suggest GDP may be revised up.

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