Very weak report, wow. Yet it highlights the issue with labor supply as UR didn't budge and wages are actually higher and so were hours worked. I don't envy the Fed.

ECI yesterday also had a notable rise in wages to make the same point. If the next NFP is like this, they will cut. Question is, what happens to UR when they do? We are in uncharted territory with this low labor supply.

@capitalanalyse Yup and ECI yday