Business leaders need to be reassured so they’ll invest in the future
by Tim Mullaney
Now that the jobs number is in, this is what we know: It’s time for the Federal Reserve to de-wussify itself.
The economy added 287,000 jobs in June, with the unemployment rate at a pretty-much-full-employment 4.9%, laying to rest the fiction sowed by May’s jobs report that the U.S. economy is stalling. In fact, recent data on housing, auto sales, personal incomes and employment has been nearly uniformly positive, if sometimes weakly so.
“Faltering labor market, what faltering labor market?” said Naroff Economic Advisers’ Joel Naroff. “As it is said about the weather, so it should be said about some of the economic data: If you don’t like it, wait a minute (or a month). “