Forget that strong October jobs report. It wasn’t strong enough to convince Ben Bernanke to slow the Federal Reserve’s stimulus program.
The latest data show the economy added an average of 200,000 jobs each of the last three months — marking a sudden breakout for the labor market after months of weaker reports.
Immediately after the October report was released, Fed watchers started speculating that it may just be the good news the Fed has been waiting for: Would the Fed start winding down its stimulus program at its next meeting in December? Now, it doesn’t sound like it. In a speech Tuesday evening, Bernanke characterized that data as “somewhat disappointing.”