There are five conclusions to draw from this report:
1) We now know that the NAIRU for the US economy is 5.0%
2) The anecdotal evidence we have been hearing throughout the past couple of earnings seasons about a tight labor market can now also be seen in the macro data
3) The modest slowdown in hiring in August and September was driven by the correction in the S&P500 and China worries. That shock is now behind us and slow growth in the rest of the world and dollar appreciation are not pushing the US into a recession.
4) From a Fed perspective, the US labor market is now showing signs of overheating.
5) Secular stagnation was never real, it just took a long time for the economy to recover after the financial crisis.