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The Bureau of Labor Statistics reported that July Non-farm as employers added 215,000 workers, just a touch below the 229K expected.  The Unemployment Rate remained at 5.3%, and the Labor Force Participation Rate was also unchanged at 62.6%.  Hourly earnings were inline at 0.2%. This was about inline a report as you could get and as a result, Bonds are are near unchanged, while Stocks are modestly lower. Despite the “normal” headline numbers, the BLS reports that a record 93,7770,000 people (16 or older) were neither employed in July nor had made specific efforts to find work.  I think that half of them called me last month to apply for a mortgage (I don’t know how many times I had to say “No, you can’t count student loans as income; that’s additional debt” to would-be homeowners).

The big question now is whether or not the numbers justify a September interest rate hike.  We still have a lot of data to review prior to the September Fed meeting.  I am still leaning toward a December rate hike, but I wouldn’t bet on it.