There were plenty of good details to report in today's jobs report: the unexpected surge in monthly jobs (which came almost above the top of the forecast range), the drop in unemployment, the moderation in hourly earnings, the continued loss of federal workers, the jump in full-time jobs and the drop in part-time jobs.

There were also several not so good aspects: first and foremost, the narrow breadth in hiring, with most job growth in June the result of Education and Health services (+51K), and Government (+73), which are government, or government-linked, sectors.