Yesterday there was a report on jobs and employment in the United States. And the news was good. In fact, the news was better than anybody expected! Unemployment is at a 7 year low. The economy is not just showing signs of growth, but robust economic growth.
Nor was this “growth only an economist could love.” Many things I’ve been harping on for years got better: wages grew faster than inflation; more people are working; there’s growth in more areas; more people are working full time! I’m not ready to say yet that the economy is all healed up — I know too many people who are unemployed or underemployed — but I’m willing to say that the light at the end of the tunnel is probably not a train.
Now all the Very Smart People are talking about how the Fed will now have an excuse to raise the interest rates banks charge one another when they meet next month. Some are saying that’s a bad thing. However, I think it’s long overdue.