Payrolls +196k in March.
Positive revisions over the past two months add another +14k.
Over the past three months, the economy has produced on average +180k jobs per month. Which is smoking.
Unemployment steady at 3.8%.
I mean, it's great that it's happening, but the Fed's going to be worried that it's happening too quickly.
No sign of accelerating wage growth:
Last six months rate = 3.0%
Previous six months = 3.5%
Suggests the labor market still has room to improve.
1. What will happen when Trump's fiscal stimulus fades?
2. Will capacity constraints emerge anytime soon, or does the economy have room to run?
1. During the Obama years, all good jobs numbers were met by political opponents calling the new jobs bad jobs.
2. During the Trump years, it's now Democrats making this claim.
These data don't tell us anything about the quality of the new jobs created.
Here's my attempt -- a few weeks ago -- at answering that question.
nytimes.com/2019/02/04/bus…
Appoint dangerously-unqualified ideologues to the Fed.