The US Federal Reserve Board (the US central bank) has an all-ecompassing and interesting way to look at the state of the labor market. They use something called the Labor Market Conditions Index (LMCI).
There are 19 labor market variables that go into the LMCI such as the unemployment rate, the labor force participation rate, part-time workers, private payrolls, average weekly hours, average hourly earnings, etc etc. Effectively, this takes just about every data series into account.
What is interesting is that the LMCI has been ticking up a little bit since June (it comes out monthly like the employment report). Note the most recent uptrend in the chart below:
But over a longer term, since 2010, it has been in a downtrend. What this means is that the overall employment situation has been weakening, not strengthening. Some of the reasons for this persistent weakness in the labor market might be due to: wage stagnation, weak economic recovery, demographics (baby boomers aging), productivity in technology decreasing need for labor, etc. Will Trump's policies change all that? Maybe a little bit but it is highly unlikely as I think the most important aspect to the weak labor market is the demographic story (and I wrote about our views on Trump's policies and their effect on the economy last week). Anyway, here is the graph on the LMCI for the longer term with the downtrend shown by the arrow: