ECONODAY: Last week's employment report was very weak and is reflected in May's labor market conditions index which came in at minus 4.8 for the fifth straight negative reading and the lowest of the economic cycle, since May 2009. April is revised 2.5 points lower to minus 3.4 which, next to May, is the second lowest of the cycle. These readings point to a fundamental shift lower for the labor market and are not consistent with a rate hike anytime soon. The index, experimental in nature, is a broad composite of 19 separate indicators and, as yet at least, is rarely cited by policy makers...
