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NonFarm Payrolls fell by 247,000 less than the consensus estimate of 320,000 as the trajectory of the economic “recovery” has steepened. Furthermore, the Unemployment Rate ticked down to 9.4% from 9.5% and the Average Workweek rose to 33.1 hours from 33.0 hours.
This is all good news as it at least continues to put the idea of a depression is behind us and is also rapidly putting the notion that the recession has ended into the minds of economists, analysts and, most importantly, consumers and therefore investors. This has most likely put a floor under stocks at or around this level so we recommend that investors continue to dollar cost average.