POLITICO NIGHTLY: The jobs market is still hot. And that’s a problem.
View in browser BY BEN WHITE A Now Hiring sign hangs near the entrance to a Winn-Dixie Supermarket in Hallandale, Florida. | Joe Raedle/Getty Images GOOD IS BAD — In ordinary times you might look at a monthly job gain of 263,000 and an unemployment rate down to a super low 3.5 percent and think, “Man, this is like the best economy ever .” But these are not ordinary times. The September jobs report that came out this morning, while largely fine in the abstract, helped tank all the major Wall Street indices by hundreds of points with the Dow off over 600, or around 2 percent, and the tech-dominated Nasdaq taking the worst beating, dropping nearly 4 percent. So what the heck is going on here? Well, welcome to the good-news-is-bad-news (in some ways) world. Investors dumped stocks because the jobs report came in too “hot,” meaning the Federal Reserve is likely to feel compelled to keep jacking up interest rates to slow the economy and...