National Association of Home Builders economist Robert Denk posts-up a home builders' vantage point on the Commerce Department's employment report this past Friday. The report was solid.
Denk's characterization of the data points is that "payroll gains are back on track with earlier strength in the year," noting that 211,000 new jobs ties with the 210k per month average, and a 5% unemployment rate is "normal." The consequence? Denk writes:
Policy makers at the Federal Reserve weren’t looking for rocket-like gains in this report, just no disasters; the cumulative gains in the recovery are sufficient. The beginning of monetary policy normalization, liftoff, is likely at the December meeting of the Federal Open Market Committee (FOMC).