Entering this week, the perception of America’s economy was overwhelmingly negative.
But after what, at least on the surface, appeared to be a stronger-than-expected jobs report and killer earnings from Nvidia and Walmart – all within the span of about 18 hours – is it possible the economy is better than anyone thought?
It’s complicated. Let’s break it down.
America’s labor market started to stall out in the early summer. Between May and August, job gains averaged 31,000 per month, or about one-fifth the monthly rate seen last year. What happened in September – the report we just got after a seven-week delay – is a bit convoluted.
The preliminary job gains of 119,000 were more than double the 50,000 net increase economists were expecting….
