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  3. The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that descript

The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that descript

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问题     The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that description. U. S. employers added 175,000 new jobs last month—a strong showing, but only moderately so. And from the perspective of a central banker, that might be welcome news.
    An employment report that showed too big of a spike in job creation could spook investors, even as it signals a healthy economy, says Brett Wander, chief investment officer in fixed income at Charles Schwab Investment Management. "There’s some concern[among investors]that in turn[Federal Reserve Chairman Ben]Bernanke’s going to take the punch bowl away. Then it may be a very shortlived party. He wants a long sustained jobs growth," says Wander.
    That "punch howl" is the Fed’s $85 billion of monthly purchases of bonds and mortgage backed securities, known as QE3. While Bernanke has mentioned the possibility of tapering in coming months. he has also said he believes sustained and substantial job market improvement will be a prerequisite for dialing back the program. Markets have been watching closely for any signs of when that might be.
    Those bond buys have been keeping interest rates very low. However, even Bernanke’s mention of possible future tapering in a congressional testimony last month sent bond yields spiking. If a job report comes in too strongly, says Wander, it will trigger a bond sell-off, sending bond yields upward. In other words, there is a scenario in which a supremely positive jobs report could, ironically, hurt the economy. "It’s those low yields that are arguably stimulating the economy," says Wander. For example, low bond yields mean low mortgage rates, which could inspire more buyers to get into the housing market. Higher interest rates could slow that down.
    On the other hand, it’s important to remember that low interest rates are not the Fed’s ultimate goal. Rather, they’re a means to the end of boosting employment. For that reason, it may be that the economic outlook is sunny, whether jobs data is modest or booming.
    "If you take a bullish view—and we are bullish—we’re kind of in a win-win situation here," says Hank Smith, chief investment officer and director at Haverford Trust. "Yes. better data will lead to the fed starting to pull back from its quantitative easing, but better data is something that is desired. So that should be good for corporate earnings, which is the ultimate driver of stock prices. "
    In Smith’s opinion, the latest jobs report was better than expected but "still reflective of an economy that’s growing at a below-average rate. " He’s not the only one who considers economic growth middling. In its latest Beige Book report released Wednesday, the Federal Reserve characterized activity as growing at "modest to moderate pace. " So while the chatter grows, even among Fed Presidents, about the prospect of tapering, more mixed data could mean a full punch bowl for at least a few more months.
Which one of the following is not a positive effect of "better data"?
选项 A、better data is something that is desired.
B、better data is good for corporate earnings.
C、better data will lead to the fed starting to pull back from its quantitative easing.
D、better data is good for stock prices.
答案C
解析 本题考查考生对第六段中有关“better data”的影响的理解。文章主旨讨论如果“就业报告数据太好”会对经济造成的一系列消极影响，只有第五第六两段讨论了如果就业报告数据太好会造成的积极的影响。第五段结尾提到无论就业数据是平淡的或是增长强劲，经济前景都可能会是阳光明媚，第六段阐释其原因，也是“好数据”的积极影响，即”更好的数据正是我们所期望获得的。这时企业盈利是好的，而企业盈利是股票价格上涨的最终推动力。”因此ABD均是“更好的数据”的积极影响。C“更好的数据将导致政府开始减缓定量宽松”是“更好的数据”的消极影响，也就是全文主旨所讨论的“好的就业报告反而会损害经济发展”。因此选C。
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