Today’s jobs report may spook the Fed (but it shouldn’t)

Friends,

Surprising most analysts and forecasters, employers added a whopping 517,000 jobs in January, according to this morning’s monthly labor report from the Bureau of Labor Statistics. This was almost twice the growth from December’s 260,000 jobs. The unemployment rate fell to 3.4 percent, the lowest since 1969.

What does this mean?

It may mean very li…