Somewhat lost in the focus on what the new administration is likely to do has been the underlying momentum in the economy. Last week provided further evidence that growth remains healthy, headlined by the December jobs report. The economy created 156,000 new jobs, and the prior two-months were revised higher by 19,000. Job growth in 2016 followed something of a saw tooth pattern. In the first quarter, monthly job growth averaged 195,000, but slowed in the second quarter to 146,000. It rebounded in the third to 212,000, before subsequently slowing in the fourth quarter to 165,000.