Well, it could be, potentially.
But again, if you look at those same three months, the unemployment rate, first it went down, then it went up. We therefore remained practically stable at 4.6% – 3.6% unemployment rate during the same period.
So that’s a low unemployment rate. We’re not quite at the 50-year low where we were last month. But we don’t see – again, because there’s a better supply of workers, more people coming back into the workforce, better dynamics of population growth through immigration, that means that this demand of workers is satisfied, without further tightening the labor market.
So it’s a delicate balance. It’s – in all respects, it’s a strong labor market, which is good for the economy. But we are at a very high inflation rate that the Fed wants to bring down. So they would like to see some further cooling in the labor market, which this report is not outright cooling, but it’s kind of a very healthy balance of strong jobs, but also a strong commitment to achieving those jobs.