by Jeffrey P. Snider
Alhambra Partners
The BLS released yet another perfect payroll report for July. It hit on all the major themes, putting further distance to the shocking May number. All the right people have been reassured by all the right parts.
U.S. employment rose at a solid clip in July and wages rebounded after a surprise stall in the prior month, signs of an improving economy that opened the door wider to a Federal Reserve interest rate increase in September…
“We view this report as easily clearing the hurdle needed to keep the Fed on track for a September rate hike. The bar for not moving now is much higher,” said Rob Martin, an economist at Barclays in New York.
Unfortunately for anyone who still thinks the Establishment Survey contains useful information, the quotes above were written in August 2015, not August 2016, about the July 2015, not July 2016, jobs figures.