|Data for week commencing 31 December 2018|
It was J-day on Wall Street with the Dow Jones index rocketing up over 770 points when I bounced out of bed. J-day? J for a Jobs Report that perked up those stock players who were over-worried about a US recession this year and then J for the Fed boss, Jerome Powell.
Let’s zoom in on the December Jobs Report that showed 312,000 jobs were created when only 176,000 were expected. And there were revisions to the October and November numbers telling us an additional 58,000 Americans got off the dole queue and into work. Unemployment snuck up to 3.9% but this was for the good reason that more people went looking for a job so the participation rate rose. Incidentally, economists, historically, say this is a good sign for the economy going forward.