Hesitant to overreact to single jobs report, but views six-month job creation average as concerning. Believes Fed is chasing 'phantom inflation' from portfolio management fees (0.4% of core inflation) while labor market shows weakness.

Labor market needs more monetary support. Weakness is in labor demand, not supply, evidenced by slack among younger and non-college-educated workers.

Clarifies: weak labor demand means businesses aren't hiring enough due to tight monetary policy, not necessarily that they're in worse shape.

Acknowledges oil price shock (Brent at $91) but argues Fed typically doesn't respond to such one-off shocks that boost headline inflation.

On technology displacement: sees some evidence in recent data affecting entry-level positions. This is classic unemployment that central bank can help accommodate with looser monetary policy.

People are bad at imagining new jobs created by AI/technology, but historical precedent suggests they will emerge.