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Fed Gets Reprieve With “Goldilocks” Jobs Number

The goldilocks zone is a term that has cross-mutated to the common vernacular from the advanced fields of astrobiology and advanced astronomy. It refers to a planet so positioned like Earth where it is neither so hot that water will evaporate or so cold that it will freeze, thus giving rise to the conditions necessary for carbon-based life as we know it. This term was used across Wall Street today to describe the jobs number that came in softer than expected but strong enough to not arouse concern. This is why the number is considered to be in the goldilocks zone. It enabled Cleveland Fed President Loretta Mester to call the month’s jobs gain “solid”, but to reiterate that the “Bottom line is I would like to see further progress than where we are right now.”

The number came in at 559,000 nonfarm payroll jobs, which is just north of a hundred thousand short of the 671,000 estimate. Thus, some pressure was alleviated after the very surprising inflation numbers that came in much higher than expected. This gives the Fed cover to continue accommodative policy for the immediate future.

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