- The employment report was about as good as you could ask for.
- The Fed appears open to pausing its rate hiking program.
- The markets had a great day.
The employment report was a much-needed breath of fresh air for the markets.The headline number of 312,000 jobs added in December was more than enough to spark the market higher. But the report didn’t stop there: The two previous months were revised 58,000 higher while wage gains increased 3.2% Y/Y. The 3, 6, and 12-month moving averages of establishment job growth are all above 200,000: