The monthly Non-Farm Payroll (NFP) or "jobs report" was released this morning and showed an increase of 157,000 jobs in July. The headline number was below expectations and wages were stagnant, but past months' numbers were revised up and the report commentary indicates that demand for employees is still strong. One way to view this dynamic visually is to look at the U6 unemployment rate (which includes discouraged workers, part-time workers, etc), which is continuing to fall much faster than the headline U3 unemployment rate. The implications of this are many and much too long for this blog post. Have a great weekend!