The monthly jobs report was released this morning and payroll employment soared past expectations. Total job growth was 321,000 with private payrolls up 314,000. Economists were looking for total job growth of 230,000. More meaningfully, the six month moving average of private payroll employment reached the highest point of the recovery.
The Fed needs to explain why it is still running and promising to run emergency monetary policy that inflicts undue pain on retired investors and savers while the economic growth is humming along just fine.
Jeremy Jones, CFA
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