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.

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

The inflation story embedded in this report is really not that bad. People are coming back into the labor force and wage pressures aren't showing, so this is generally good for bonds.

Inflation hawks may be eating crow today. Despite their fears of tight labor markets and a strong economy, inflation is only creeping, not accelerating. I don't think that this report assures that the Fed tightening cycle is over, but I wouldn't be surprised to see rising market expectations of a rate cut. With most prices in check and energy prices easing, this report is about as good as it gets.