That’s the Goldilocks line, and it’s what markets love to see.
And it’s exactly what we got today.
195K new jobs, was very nice, and nicely ahead of expectations of 165K.
And last month was revised up to 207K from 178K.
The dollar is strengthening, yields are rising, and gold is getting crushed, but importantly, stocks are higher too, so there isn’t a fear that this is going to accelerate the Fed’s tightening schedule.
In fact, because unemployment remained at 7.6% — contrary to expectations of 7.5% — and the U6 alternative measure of underemployment actually rose, the Fed keeps ample breathing room, even though the pace of job creation is picking up.
This is really the market sweet spot.
For full details of today’s report, see here.
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