During testimony before Congress today, Fed head Janet Yellen said she saw a "loss of momentum, not a deterioration" in the jobs market. That's funny because the Fed chair's favorite economic indicator (the "Change in Labor Market Conditions Index") registered its lowest readings since June 2009 and has deteriorated now for the past five months.
We've written before that employment growth is past peak and slowing. Nothing Janet Yellen said changes that today.
For additional analysis, watch Hedgeye U.S. macro analyst Christian Drake in the video below: