Jolly Jobs

Friday’s employment numbers showed 242,000 net new jobs and cumulative upward revisions of 30,000 for prior months. The labor force participation rate hit 62.9%, a level not exceeded since 3/14, and the unemployment rate was unchanged as discouraged workers keep returning to work. While average hourly pay fell three cents, it’s probably an underestimate. Full-time workers at the same firm for over 12 months saw year-over-year pay raises of 4.1%.