A quick look at the five most important numbers from Friday's nonfarm payrolls report:

1) Payroll growth hit 223,000 for May, its highest level since February, beating market expectations for 188,000.

2) The headline unemployment rate fell to 3.8 percent, the lowest reading since April 2000, while the "real" rate, which includes discouraged workers and the underemployed, dropped to 7.6 percent, its best since May 2001.

3) Average hourly earnings rose 2.7 percent, in line with expectations and enough to convince markets that the Fed will raise interest rates at least two more times in 2018.

4) Full-time jobs rose an eye-popping 904,000 for the month, while part-time positions declined by 625,000.

5) Unemployment for blacks continues to decline, with the rate falling to a record 5.9 percent, down a full point from March.

What it all means: From Eric Winograd, U.S. economist at AB (formerly AllianceBernstein): "We remain in a virtuous circle: the labor market is strong, which supports consumption, which drives production, which keeps the labor market strong. Until something disrupts that cycle, we should expect the good economic times to continue."