Tomorrow's U.S. Department of Labor jobs report might "put a stamp of confirmation" on indications that the economy is very resilient—and convince the Fed to initiate another 75 bps increase in interest rates.

According to ADP, "we could be at an inflection point, from supercharged job gains to something more normal."

Despite two quarters of GDP decline, the U.S. is not currently in a recession, says the official arbiter of such things, the NBER's Business Cycle Dating Committee.

The slowdown in consumer spending, the main driver of the U.S. economy, adds to concerns about the economic outlook.

Economists don't tend to look at any given indicator in a vacuum. Instead, they consider a wide variety of data when making projections about the health of the economy.

The producer price index for final demand increased 0.8% from April, and 10.8% from a year earlier, Labor Department data showed.

Adjusted pretax profits decreased by an annualized 2.3% in Q1, although without the adjustment, after-tax profits increased 1.5%.

Red-hot labor demand doesn't seem to be cooling anytime soon.