I want to thank the US government for their typical incompetence in providing reliable economic data. I have ZERO doubt that the 142,000 job additions reported Friday morning is completely wrong and will be revised upward in the future.
The best part about this report is that the Fed will consider it a dose of caution as to not raise rates too soon. Again, their two stated goals are to achieve maximum employment and keep inflation in check. At 6.1% unemployment (and a ton of underemployment) then they will not raise rates too quickly…which is good news for stock valuations.
This is truly a Goldilocks report for investors as most everything else points to acceleration in GDP and corporate earnings while the Fed stays on the sidelines. I’m happy I got back to fully long Thursday just in time for the breakout.
Best,
Steve Reitmeister ( aka Reity…pronounced “Righty” )
Executive Vice President
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