Markets & EconomyMortgage

What strong employment numbers mean for the Fed’s agenda

  • Current market data indicate no signs of a recession; expect Fed rate hikes.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

At last. Some real news! Our federal government has been in gridlock since mid-Dubya, 13 years and counting, but this new chapter is noisier than the others, which makes it hard to concentrate, and we must focus because they might actually do something by accident. Today... relief! The April employment report is just fine -- better than that. The March job surveys were ambiguous: the “establishment” one of large businesses gets the headlines and was shaky, but the door-knocking “household” survey was strong and confirmed by April’s numbers. The 10-year T-note in the last year. Held down now only by super-easing central banks overseas, our rates are high by comparison. Other data concur. The two ISM surveys of purchasing managers in late April, especially, which show that manufacturing down a hair but healthy at 54.8, and the service sector is booming at 57.5. Despite strong hiring and crazy-low unemployment, even “involuntary part-timers” finding full-time...