Mainstream Narrative: “The Economy Seems To Be Heating Up Faster Than People Think… Incredibly Impressive”
November 8th, 2013
f you’ve been following the establishment media this morning then you’ve no doubt seen the most recent headlines about today’s jobs report. According to the Bureau of Labor and Statistics, our economy added 204,000 jobs last month, well above the expectations of most economists.
The perception being painted is one of excitement, and stock markets are responding in kind.
Reporters at CNN could barely contain themselves, referring to the reports as a “surge” in job growth, despite the challenges of the government shutdown last month:
Job growth strong in October…
“The economy seems to be heating up faster than people think. It’s incredibly impressive,” said J.J. Kinahan, chief strategist for TDAmeritrade.
Economists were expecting weak job growth due to uncertainties created by the budget battles in Washington.
The numbers were also strong enough to get Wall Street talking once again about when the Federal Reserve should start slowing its stimulus program. The Fed has been buying $85 billion in bonds each month since September 2012, in an effort to strengthen the job market.
“Once again the U.S. economy appears to be overcoming a summer swoon,” said Paul Ashworth, chief U.S. economist for Capital Economics in a research note. “In our opinion, the data would justify the Fed reducing the pace of its asset purchases in December.”