For Jobs/Employment data, Justin Wolfers is the best.

https://twitter.com/JustinWolfers

For some Zen;

Today's jobs report may have moved the market closer to believing in a June liftoff, and the Fed farther away.

And regarding today's report, a tweetstorm:

1. It could be that wage growth is just around the corner, but c'mon, those Cassandras have been saying that for years

2. More likely: There still remains a lot more slack in the labor market - part-timers, folks who gave up looking, etc

3. Also likely: The "natural rate" of unemployment isn't 5.5%. But how much lower? Is 4% sustainable?

4. The Phillips Curve is now so flat that the effect of labor market slack on wages & prices is barely discernable

4b. A flat Phillips Curve could be due to anchored expectations, or labor's bargaining power getting clobbered

1. The Fed has more than succeeded in anchoring inflation expectations, they've clobbered them, & they're below 2%.

2. Are international pressures relevant right now? Much of the rest of the world has a lot of slack, and no inflation.

3. An argument I've heard: Slack is relevant to price inflation but not wage inflation. Some empirical support for this; little theoretical.

4. The hawk v. dove argument right now is -- Theory: The Phillips Curve predicts inflation versus Empirics: There's no evidence of inflation.

5. My guess: So many uncertainties about the future of inflation, but few indications that it's an actual threat or will be soon.

6. We're learning that the recovery could have a lot further to run without igniting inflation. Put me in #TeamWhitesofTheirEyes

7. Finally, a reminder: Don't confuse nominal wage growth, and real wage growth, One is relevant to the Fed, the other to living standards