US Economic Week in Review: The Labor Market is on Solid Footing

            Jobs data is one of the most important sets of economic information used by economists.  A high rate of hiring is prima facia evidence of a growing economy and increasing demand.  Strong jobs growth also supports higher consumer spending, which is responsible for 70% of US economic growth.  This is why the initial claims for unemployment and the monthly payrolls report are two of the most watch data metrics in the financial press.