Gotta love it. The 2014 consensus forecast for accelerating growth lasted nine whole days. Crashing with it: any immediate rise in mortgage rates. Oh, hopes for faster GDP growth will be back, maybe quickly. But given a black sense of humor, nothing beats the post-surprise scurrying for cover by experts and televised "Er ... um ... ahem. ..." Wizards of market economics had talked themselves into a December employment report due today jumping to 250,000 new jobs. Ah ... no. The number out today was 74,000, and 55,000 of those were shaky retail. Wages grew by 2 cents in the month, less than 1 percent annualized and half the 2013 average. Eggy faces include Fed Chair Ben Bernanke's, whose farewell speech included belief that the declining unemployment rate really does reflect job gr...
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