This economy is really hard to predict. In spite of a practically zero interest rate environment for the past seven years, we’ve yet to experience any strong, sustained growth. Due to markets closing tomorrow in observance of July 4th, the unemployment rate and nonfarm payroll numbers were releasedNonfarm payroll numbers weak, wage growth flat early.

Yes, the headline rate showed the number of eligible workers dropped slightly to 5.3% but that also takes into consideration the lowest labor participation rate since 1977. Jimmy Carter was president then.

It’s really been a see-saw across the board. Gross Domestic Product, or GDP for example is a picture of ups and downs. With relative strength in Q3 and Q4 in 2014, we again saw limited activity in Q1 of this year followed as the economy contracted by -0.2%. Earlier this year and fresh off a respectable push in the second half of 2014 many had expected a rate cut last month but that didn’t happen.  Add in Greece and Puerto Rico and investors still would rather keep their funds out of stocks and either park them in cash or bonds.

Look again at the jobs numbers. We’ve been stuck in the low 200,000 range for months now, with June reporting 223,000 new nonfarm payroll jobs created. At the same time, wage growth was flat. There really isn’t much the Fed can look to at this point that would warrant an official rate increase. For real estate investors, that means financing costs should remain low at least through the rest of the year.