This was one of the better employment reports of this cycle. Private payroll employment grew 246,00
while government employment fell about 10,000 for a net gian of of 236,000. The household survey also showed a nice gain of 170,000.
On a year over year change basis both series are showing nice gains.
The workweek also increased 0.1% and the index of aggregate hours worked grew 0.5% of all workers and 0.9% for production workers. The index is now back to the trend established early in the cycle.
Average hourly earnings growth has bottomed and are starting to move up very nicely.