The job market is reaccelerating. Is the economy?

The article argues that the US economy may be reaccelerating, not just the labor market. It cites a fourth straight strong jobs report as a possibility, an ISM manufacturing move back above 50 for the first time in three years, continued AI-related business investment, and stronger retail sales. However, wage growth is still slowing, quits remain weak, and job openings are flat, suggesting the improvement may reflect labor-supply gains rather than overheating demand. That keeps inflation risks contained and makes aggressive Fed tightening less likely. The piece also highlights renewed weakness in bitcoin: BTC is down about a third to around $60,000, with outflows from spot bitcoin ETFs, thinner liquidity, and sharper declines in crypto-treasury vehicles like Strategy. Overall, the tone is cautious: macro data look better, but not strong enough to force a rate-hike cycle, while bitcoin’s institutional demand backdrop has deteriorated.