The payroll increase of 287,000 is about as indicative of the U.S. economy's vitality as the revised May figure of 11,000 was/is of precipitous decline. The monthly numbers in the two-survey jobs reports, as always, must be considered in the context of noise-based volatility. The average monthly increase in 2016 has been 172,000.

Lower-quality jobs again played a big part in new jobs created. Leisure and hospitality and retail trade represented 89,000, while the end of the Verizon (VZ - Get Report) strike accounted for a big swing in telecommunications (a wash from May). Healthcare and social services remained a big job growth sector with ongoing implementation of the Affordable Care Act, adding another 58,000 jobs in June.

One bright spot cited by the perma-bulls on the U.S. economy was a 2.6% increase in hourly wages versus 2015. But year-to-date wages are up about 1.3% in real terms, down from the paltry 2.2% growth in 2015. Wage growth remains sluggish because the U.S. economy continues to suffer from a severe labor supply overhang, masked by the historically low participation rate, even after accounting for retiring baby-boomers.

A perhaps more accurate estimate of the real unemployment rate, adjusted for normalized participation rates that account for baby-boomer retirement, ticked up again in June and remains above 7%.

It would take over three years of average net jobs growth of 170,000 per month to reach full employment and trigger sustained, meaningful real wage growth not seen since the late-1990s. Moreover, that growth would need to occur after 84 straight months of growth, the fourth longest period between recessions since WWII, in the face of a host of global economic headwinds.

Unfortunately, the June jobs report indicates no changes to this landscape.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.