The economic calendar is light. That leaves plenty of time for the pontificating punditry to opine on a possible turning point in markets, bubbles and overheating, the Fed, geopolitical risks, and continuing Washington turmoil. Many will be asking:

What does the increased volatility mean for financial markets?

…But… Hours worked declined from 34.5 to 34.3, missing expectations. Many translate this into an adjustment to job gains. There was also a 24K downward revision in payroll jobs from the prior two months. Dr. Robert Dieli’s excellent monthly employment analysis takes a comprehensive, close look at the data. It is unusual to find a first-rate economist who also writes well and knows how to present data effectively. Bob’s conclusion was that the story is not quite as good as it appears on the surface. He notes the decline in the rate of growth in net job gains. His analysis is not alarmist because it is placed in the context of his overall business cycle updates.

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