Rosenberg Soundbites on Jobs Data

Today’s jobs data was a mixed bag, pure and simple

• The hallmark of the employment report was the litany of non-ratifying barometers that fell short of validating the bullish message from the headline
• Even if the headline improvement is telling the accurate story, we have to again emphasize that there are only two ingredients that go into economic growth: How much the workforce rose (bodies and hours) and how productive it was (output per hour worked)
• The jobs market has been wholly inadequate in terms of generating organic income growth

---DR's daily email