The Bureau of Labor Statistics (BLS) just released data for the month of June showing that while the economy added 213,000 jobs, the unemployment rate ticked up by 0.2% from May to 4%. Wages also increased slightly to 2.7% on a year to date basis. How should one interpret these data? From a theoretical perspective these should not create any worries as the natural rate of unemployment - the rate of unemployment believed to be sustainable in the long run due to unavoidable s