I can sense it, sort of.
The Labor Department said today the economy created 203,000 jobs in October. The jobless rate fell to 7 percent, the lowest level in five years. The jobs report provided the first “clean” look at the state of the economy, according to Politico.com, meaning a report that wasn’t shaded by the government shutdown and other external political factors.
And … the Federal Reserve Board just might start dialing back its stimulus efforts with the realization that the economy is finally — finally! — gaining some actual strength.
http://www.politico.com/story/2013/12/november-2013-unemployment-numbers-100780.html
What am I sensing? The Republican leadership in Congress might be willing to give President Obama a little bit of credit for what appears to be a full-blown economic recovery.
I say “might be willing.” Whether it happens is anyone’s guess.
Perhaps the most encouraging element of this report, if you’re a Republican, is that the Fed might start drawing back on the bond-buying program it had instituted to help jump-start the economy. This government “intrusion” is anathema to congressional Republicans. It well might be that the Fed has seen enough improvement in the economy — which includes significant strength in the private sector — that it no longer has to pump billions of dollars to keep the economic engines running.
The stock market gets jittery at that kind of news. Still, the market took off like a rocket today when the jobs figures came out. It helped yours truly’s retirement account immensely, for which I am grateful.
The president cannot get a break these days, what with the Affordable Care Act rollout being the disaster it has become. That problem appears fixed, too.
Remember when the economy was Issue No. 1 in the GOP’s plan to defeat President Obama’s attempt at re-election? It didn’t work. Voter returned him to office for another four years.
Today’s jobs report seems to suggest that’s why virtually no one is talking smack about the economy these days.