Most important of the sputtering growth engines is trade…
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It is mandatory for economists to point out that one data point does not make a trend. We then all-too-often fill space with, er, a discussion of one data point, most usually the monthly report on job creation. Not being one to defy convention, I will report that Friday’s jobs report was a yawner. The 217,000 new jobs created in May finally pushed total jobs above pre-recession levels, but the unemployment and labor force participation rates remained unchanged at 6.3 percent and 62.8 percent, respectively. No post-winter jobs growth spurt, at least not yet, but no reversal of recent growth either.