Well, it could be, potentially.
But again, if you look over the same three months, the unemployment rate first ticked down, and then it rose again. So we have largely remained stable at 4.6 percent – 3.6 percent unemployment in the same period.
So it’s a low unemployment rate. We are not quite at the lowest level in 50 years we were last month. But we’re not seeing – again, because there’s better supply of workers, more people returning to the workforce, better population growth dynamics from immigration that means the demand for workers is being met without further tightening the labor market.
So it’s a delicate balance. It’s — by any metric, it’s a strong labor market, which is good for the economy. But we have very high inflation that the Fed wants to bring down. So they’d like to see further cooling in the labor market, which this report isn’t exactly a cooling, but it’s a — like, kind of a very healthy balance of strong jobs, but also a strong commitment to fulfilling those jobs.