The November non-farm payrolls report was a good one, 203,000 jobs were added last month (vs 185k expected), despite the shutdown of the prior month. U6 underemployment dropped big-time and the private sector is done kicking the gravel and staring down at the ground.
The headline unemployment rate – while not terribly important despite the attention it gets in the mainstream media, has dropped to 7% even, the lowest unemployment rate we’ve had in this country since 2008.
The Street has decided to interpret this good news as good news, rather than as taper-inducing bad news. The Dow is up 100+ as of this posting, gold is up slightly and so is the long bond. And the deflationists are nowhere to be found.
Once again, the meteor has failed to strike the planet. A great many jobs are threatened in the pessimism porn industry and at unemployment counseling centers nationwide. These are dark times for those who revel in darkness.
Here’s how Wall Street’s strategists are interpreting what this data might mean going forward: