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

We got a little bit less growth and a little bit more inflation.

The big concern is future inflation and the Fed is viewing that through the labor market. Wage growth continues to be muted.

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.

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.

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.