Jay Hatfield, CEO of Infrastructure Capital Management, said the report continues to prove how the Fed's Phillips inflation curve is broken because employment is strong while wages are slowing. Global interest rates are at unsustainable levels, the European economy is in freefall, and its GDP currently shows a deep recession underway, with annual GDP growth of 3.6%. (Note: The Phillips inflation curve shows that a high unemployment rate indicates a depression, when wages and prices are low and inflation is low.)