US jobs growth could spur an early rate hike

Strong job gains in the US should see the unemployment rate fall below 6 per cent in coming months. If growth continues, the Fed will struggle to justify keeping rates down until well into 2015.

The US economy has shrugged off a poor first quarter and is now posting some of its strongest job gains in the past eight years. If maintained, the jobs market is set to post its best year since 1999. Under those circumstance I don’t see how the Federal Reserve can justify keeping rates at zero until well into 2015.

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