Why All the Job-Growth Fretting Is a Bullish Sign

The first stretch of two-month employment growth since last May might sound welcome, but April’s 115,000 job gain, which followed March’s upwardly revised 185,000, left some folks in a huff.[i] Pouting pundits say it, plus other price pressures, rules out more rate cuts ... rate cuts the economy and stocks supposedly need. Don’t buy this hype, though. While backward looking, the job report’s better-than-expected result shows this bull market is on firmer footing than most fathom—and doesn’t need lower policy rates to keep hitting new record highs. Read Full Article »