Friday Slump

Markets dropped around 1% today, as the jobs report revealed hiring at a low level. While this sounds like an economic slowdown, there is more to the report. Wages are up, and number of hours per worker is up. Also, unemployment is staying below 5%. All this points to a crimp in the jobs market. Hmm... a mixed bag. The consensus seems to be that the Fed will look at this as a sign of inflation, and it was "I" word that did the real damage today. Dow -134.63 NASDAQ -25.03 S&P 500 -8.60