Although the 151,000 jobs added in January undershot consensus expectations by more than 30,000 and the impressive December increase was revised downward, the monthly snapshot of the U.S. labor market released Friday offered good news for the economy. It also should cheer financial markets, if they can look beyond their obsession with central bank liquidity support. Here is why: Previous years of strong job creation seem to be having an impact on hourly earnings. The 0.5 percent wage growth is encouraging. The impact of higher wages on take-home cash is enhanced by a concurrent increase in hours worked. The ... (full story)