The market is ripping higher this morning on the combination of heightened skepticism among investors that the market was overbought and in need of a pullback and the better than expected jobs report. Nonfarm payrolls declined -247,000, but this was much better than the -325k that economists were forecasting. Also, the unemployment rate ticked down to 9.4% vs. 9.6% consensus, and I heard many whisper numbers that it would actually rise to 9.7%. Today's jobs report showed the fewest job losses since August 2008, and although job losses are never a positive for the overall economy, this report is another solid sign that the worst of the recession is behind us and that the economy is at least on a slow path to recovery. Many people continue to complain that the recovery is likely to be slower than usual, due to the large number of job losses, the weak consumer, and lackluster economic
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