US non-farm payrolls increased by 151,000, while the unemployment rate held constant at 9.6 percent. This is exactly the momentum required to push an economic recovery that encompasses job growth. In the past three days, the perception of the American economy has reversed course. A more tax-friendly congress, monetary stimulus, two year highs in equities, and six figure job growth number are about the best chain of events we could have hoped for.
There are still significant risks given high unemployment and negligible inflation, setting the stage for a continuation in our current monetary policy.
Good news none the less.
Employment Situation --- October 2010