Photo: Henry Leutwyler
The jobs report was kind of a snooze. Headline Non-Farm Payrolls were basically right in line.But the real interesting stuff happened in the revisions.
December was revised up by 40K.
November was revised up by 86K.
These both have turned out to be impressive months.
That means that right in the teeth of the Fiscal Cliff fight, amid all of the “uncertainty”, employment was much hotter than expected.
The uncertainty myth is nonsense. As we argued on Friday, after GDP, The Confidence Fairy is dead.