The media might be celebrating, but let’s untangle the May jobs report before joining in

The Bureau of Labor Statistics (BLS) released its monthly Employment Situation today and the media predictably has seized on only one number — the U-3 measure of unemployment — and is throwing a party over it.

Unemployment is down to 3.8%, representing 6.1 million people and that is a good thing, but it is only one number of many. If you want to understand what is happening to the economy you have look a little deeper.