The Rising Influence of Rising Affluence

[DewDiligence]

WSJ on today’s market:

http://blogs.wsj.com/marketbeat/2012/07/06/bad-jobs-report-not-bad-enough-for-qe3

The job market stinks but it’s not horrible enough for investors to start banking on more Fed stimulus. That’s the general consensus following this morning’s report, which showed the economy grew by 80,000 jobs last month, a third straight month of sub-100,000 growth. The unemployment rate remained perched at 8.2%.

…Such an option, typically known as quantitative easing, or QE3, remains on the table, as the Fed has stated repeatedly. Just don’t expect the central bank to fire it off unless the labor market takes another substantial turn for the worse… That’s a big reason why stocks are slumping so much today.