It fits in with the picture that the labor market is turned, inflation has turned and in a few more months they'll be tightening.

Businesses seem to be doing everything they can to increase profits without increasing hiring. Unfortunately for the labor market, they appear to be quite successful.

We don't see inflation shooting up because of what has happened in the labor market. I have a fairly benign outlook for inflation, in line with the Bank of England forecast.

Despite a robust economy and tight labor markets, inflation is still low and steady. These data provide some relief for the Federal Open Market Committee.

It's a great picture, it reduces unit labor cost growth, which improves the inflation outlook. Awesome.

The inflation story embedded in this report is really not that bad. People are coming back into the labor force and wage pressures aren't showing, so this is generally good for bonds.