The Federal Reserve could not realistically have hoped for a better jobs report today but it will need to be one of a number of positive economic reports over the coming months before it’s ready to declare victory. The headline NFP miss combined with the -101,000 net revision was big and policymakers will be hoping it’s a sign of things to come rather than a blip in the data. We have been seeing the labor market cooling slightly but just not nearly enough until now and this could be a sign of that accelerating. The average hourly earnings figures were also very positive, with the monthly number at 0.2% being the ... (full story)