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Just like that bowl of Goldilocks' porridge, US payrolls just right

Goldilocks, please call your office. June's jobs report was not too strong, but as the famous porridge stealing squatter herself would say: just right.

The economy added 288,000 jobs, above expectations of 215,000 and the fifth month in a row over 200,000. The 5-month average is now 248,000 jobs. In 2013, that figure was 194,000.

Now that classifies as real jobs growth!

The British Library | Getty Images

The unemployment rate, at 6.1 percent, is the lowest since September 2008. A year ago, it was a whopping 7.5 percent.

This fits in perfectly with the gradually expanding economy that has been the backbone of the stock market rally. The ADP private payrolls data on Wednesday saw the biggest jump since November 2012, as new home sales have risen 18.6 percent. On a related note, pending home sales are up 6.1 percent.

Despite all the worries about inflation, the one inflation indicator I would like to see make headway—average hourly wages—isn't doing much. It's up 2 percent from a year earlier, which is about the same pace of growth its registered for a while.

This is good and bad news: bad because workers need more coin in their pocket and they are still not getting it. Yet it's good news because wage pressures are contained, which it makes it easier for the Federal Reserve to continue to keep rates low.

As I've said many times, I would gladly trade higher rates and a lower stock market for a stronger jobs market and more money for workers. What we need now is more revenue growth and business investment.

--By CNBC's Bob Pisani

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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