Add another feather in the cap for the recovery. In February, the US economy added 227k jobs. Then unemployment remained unchanged as more people reentered the workforce in search of jobs. Dow futures are currently up 83 points to 12,855. Nasdaq 100 futures are up 31.50 to 2,635. The S&P 500 futures are rounding out the Friday gains, up 14.25 points to 1,361.
The past three months of job growth has been the fastest since 2006. This is a huge boost to the psyche of the recovery, and to the President’s reelection campaign. Trade gap data with China also showed a trade gap of over 25 billion dollars.
Job gains for January were also revised higher, from 243k to 284k. This was the biggest one-month total since the recession ended.
One takeaway from this. Any expectations of QE3 just got shoved out of the window. The catalyst for that will have to be severe now. [Read more...]