Do weak recoveries last longer? Measured in the most general terms, there is a correlation. But contain your excitement; growth that falls short of the economy's potential is hardly cause for celebration.

Futures markets put the chances of a one-step rate hike next month at 45 percent. If the FOMC does forgo the opportunity to raise its target rate in September, slack in the labor market will be amongst the key reasons.

Even if the agreement announced Monday morning succeeds in keeping Greece within Europe's fold, serious long-term damage to its economy has already been done.

The relatively faster increase in construction lending captures that banks' commercial real estate books are growing at an unusually slow pace.

April's jobs report fell squarely in the goldilocks zone. Employment gains strengthened, but not enough in the minds of investors to bring forward the timing of a rate hike.

The March employment report surprised to the downside. The US economy added 126,000 jobs during the month, the smallest net increase in two years. Beyond the headline, the persistent decline in labor participation remains one of the major qualifiers of the jobs recovery.

The sharp decline in oil explains a great deal about the direction of prices, but it is not the whole story. Narrower measures of core inflation point to underlying weakness in demand that will constrain monetary policy (and real estate) should it persist.

The December jobs report capped a banner year for the US labor market. Still, the momentum remains uneven absent a meaningful acceleration in earnings growth.