Evaluating the June jobs report depended heavily on point of view.
For those expecting signs of surging economic growth, there was only a smattering of things to like. For those, however, savoring what appear to the last vestiges of the Federal Reserve's highly accommodative relationship with Wall Street, there were multiple things to latch onto.
The 223,000 nonfarm jobs created in the month were below the previous 12-month average of 250,000 and missed the mark in terms of expectations, as economists predicted 230,000. Yes, the unemployment rate dropped two-tenths to 5.3 percent, the lowest level since April 2007, but that was due to a slide in the labor force participation rate, from 62.9 percent to 62.6 percent, the lowest figure since October 1977.
Worse, wage growth continues to be subdued, with an unchanged June figure equating to an annualized rate of 2 percent that is barely keeping pace with inflation.