New York Times Headline: "We Ran Out of Words to Describe How Good the Jobs Numbers Are"

Cowbell.

The unemployment rate fell to 3.8%, a level not seen since the 2000 Tech Bubble/Y2K Hiring Spree. The most recent year in which we had a level lower than that was 1969.

The real question in analyzing the May jobs numbers released Friday is whether there are enough synonyms for "good" in an online thesaurus to describe them adequately.

So, for example, "splendid" and "excellent" fit the bill. Those are the kinds of terms that are appropriate when the United States economy adds 223,000 jobs in a month, despite being nine years into an expansion, and when the unemployment rate falls to 3.8 percent, a new 18-year low.

"Salubrious," "salutary" and "healthy" work as words to describe the 0.3 percent rise in average hourly earnings, which are up 2.7 percent over the last year -- a nice improvement but also not the kind of sharp increase that might lead the Federal Reserve to rethink its cautious path of interest rate increases.

And a broader definition of unemployment, which includes people who have given up looking for a job out of frustration, fell to 7.6 percent. The jobless rate for African-Americans fell to 5.9 percent, the lowest on record, which we would count as "great."

posted by Ace of Spades at 01:36 PM

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