Signs Emerge That Jobs Are Booming and Inflation Is Moderating

This is a dangerous statement, but there might be signs that job growth is booming and inflation is moderating, which of course would be the dream scenario for the economy.

Let’s start with some of the evidence that we’re seeing on jobs.

This morning we got the latest ADP data — a private survey of corporations — and it was well ahead of expectations. The number of jobs added came in at 807,000 versus the 410,000 that economists were expecting. It was also well ahead of November’s 505,000 reading.

Of course, ADP’s track record at forecasting the government’s non-farm payrolls report is just iffy. But other ...