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The Middle Class Continues to Fall Behind

February’s job growth was significantly stronger (+313,000 Establishment Survey) than market expectations (200,000).  Strangely, though, the unemployment rate (U3) remained at 4.1% (Household Survey) for the fifth straight month.  Why?  Because a significant number of those who had previously stopped looking for work rejoined the labor force, perhaps indicating more labor force slack than the unemployment rate would indicate.  The biggest disappointment, however, was the slowdown in the growth of …Read More

The Fed returns to the shadows

At the end of August, the Standard & Poor’s 500 reached another new milestone, closing above 2,000 for the first time ever. And even the NASDAQ, at nearly 4,600, is now within striking distance of 5,000, a mark it set almost 15 years ago. The fact that the stock market continues to rise in the face of the Fed’s continued ultra-accommodative monetary policy is no longer a surprise. As many …Read More