It seems like a scene out of “The Wizard of Oz” with a powerful disembodied voice saying ignore Federal Reserve Chief Ben Bernanke’s cautions about our fragile economy.
The job figures for April shout that we’re experiencing encouraging signs of growth. The Labor Department on Friday reported that the economy added 165,000 jobs, trimming the unemployment rate from 7.6 percent in March to 7.5 percent in April. The stock market loved it. The Dow jumped above 15,000 in early trading.
With housing and auto sales being up, the unemployment numbers offer more hope that the economic recovery will make its way down to everyday Americans. Up to now, the benefits -- like smoke -- have mostly risen to the top income earners.
The continuing downward trend in unemployment should boost consumer confidence and cause more people to resume pre-Great Recession spending habits.