Rates rose a little Friday morning, mortgages still in reach of 3.50 percent, in reaction to news which should have blown us into orbit. As reported, the U.S. has created more than a half-million jobs in 60 days — 292,000 in June, 255,000 in July. Average hourly earnings are rising gently, now a little above 2.5 percent annually, not adjusted for inflation. Other data are not so strong: The grim GDP (gross domestic product) figures going back to 2015, the twin ISM (Institute of Supply Management) indices for July both softer than forecast at 52.6 manufacturing and 55.5 for services, and “involuntary part time” actually rising, together with no improvement in employment among men aged 25-54. If the Fed had no reason to be concerned about the outside world, these job figures…