This is CBS, I Am the World.

I'm John Batsow at Joseph Sternberg, member of the editorial board of the Wall Street Journal.

He's in London, which is why I enjoy now throwing up mysteries about the American economy

to Joe who watches it very carefully with his column political economics, which is Europe

and the UK's economy, but we're all integrated now as trading partners.

I begin Joe with the mystery of the job surge of recent days.

The Wall Street gurus predicted something like 185 or 190,000 jobs gained in the previous

month.

Instead, what came in was well in excess of 300,000 jobs.

In other words, the miss was about double.

And that led to everybody going, look at that.

Now I'm looking at that and asking the joining question, where is the recession with this

scale of jobs surging?

What is the Federal Reserve making of the fact that it's been raising rates for a year

and we're still hiring?

Well, this is indicative of the theoretical mess that the Fed keeps getting itself into.

So I mean, if you take the Fed out of it and ignore their theories for a minute, if

you have inflation, strong employment should be a good sign because that equates to more

supply in the economy.

I mean, people are not hired to sit around doing nothing.

They are hired to create goods or provide services that other people in the economy find

useful.

...