Although the current growth environment is not impressive, positive growth is still positive growth. On the darker side of things, however, we must admit that the economy still lacks the growth momentum needed to correct many of the labor market ailments.
We are led to conclude that the current tightening cycle still has further to go.
I believe that it is safe to say that this report understates the true strength of current labor market conditions.
These results suggest that the current low energy prices should serve as an important and positive boost to overall economic growth.
We are not likely to see faster employment growth until the current growth trend in productivity slows significantly.