Since you all know what I think about Greece, here are my non-Hellenic takeaways from the past week: The narrative regarding payrolls was that it was disappointing. The whisper number was higher on the headline after a strong ADP, and the 60K downward revision to past months was disappointing.  Lower labor force participation is never good, and wages are even more stagnant.  A 349K drop in full-time workers and a 161K increase in part-time workers is not what you want to see. I would agree with the narrative, unfortunately the unemployment rate plummeted. U3 dropped 0.2 and U6 dropped 0.3. …

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