Non-farm payroll employment increased by 257,000 jobs in January and the gains for the preceding two months were revised upward as well. Even better news was hourly wages that jumped 0.5 percent in January to $24.75 after declining in December. That's the biggest gain in six years and bodes well for the economy overall.

Wall Street has been debating just how fast or slow the U.S. economy is growing for months now. The faster the growth, the more likely the Fed will raise interest rates. Why is this so important?

One school of thought says interest rate hikes are "bad" for the stock market. In times past, when rates rose the stock market has sold off, sometimes a lot, other times not so much. Since June is supposedly the target date for a rate hike, and markets usually discount such events by six months or more, we are in ground zero -- if you believe in this scenario.

Weighing in on the other side of this argument are those who believe the Fed won't raise rates for a variety of reasons. Number one, the U.S. economy is not as strong as many think it is (thus the debate over every data point). Even if growth in America does grow a bit more, it won't be enough to pull the rest of the world out of the doldrums. As proof, they point to the decline in oil prices.

In slow or potential recessionary economic climates, the demand for oil dries up as fewer goods and services are demanded. Most often the decline in the price of oil almost always heralds a slowing of the economy, not only here, but worldwide. In that kind of environment, the Fed would be crazy to hike rates. Some say they should actually restart the QE program before it is too late. No wonder the markets are as volatile as they are given these diametrically opposing views.

Which view is accurate, or are they both wrong? Clearly, the energy issue may have much more to do with the explosion of new energy sources brought on by breakthroughs in technology over the last decade. Weakening energy demand may not be the case at all. It may simply be that this new supply has overwhelmed demand in the short term and price declines are the adjustment vehicle to once again bring the oil market into equilibrium.

There is no question economic growth is slowing around the world, however, various governments are doing their utmost to stimulate their economies as the U.S. has done over the past several years. Their efforts should bear fruit if we use our own QE programs as a guide.

One might wonder that the fear of the unknown, of change, may be at the bottom of these issues. We have been in a low to non-existent interest rate environment for so long in this country that even a small uptick in rates makes us uncomfortable. All you need to do is look back in history prior to the financial crisis to understand that rising interest rates in a growing economy has actually been a good thing for stocks.

In any case, the markets this week have actually turned positive for the year. The oil price was the trigger for three straight days of one percent or more in gains. Unfortunately that means that oil is still the tail that is wagging this dog. I have no idea whether we actually have seen the "bottom" in oil prices, but if we have then we can expect markets to continue higher from here.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

Today, more than 7 million Americans are no longer limping. Instead, they are trotting around with the assistance of artificial knees, hips or both. Every year another million of us will join the crowd, and that number is expected to grow as America ages.

Arthritis is the main reason for these surgeries, followed by obesity, which adds stress to the knees and hips. Everywhere you turn, Americans are told that they must lose weight. However, in order to do that, a less than virtuous circle has evolved for many of us. We are all striving to eat healthier and eat less while exercising more. As such, wherever you look, aging amateur athletes vie with the young on the ski slopes, the treadmill, hiking trails and wherever else one finds exercise. But this cult of weekend warriorship is demanding a high price.

It is bad enough that we Baby Boomers are wearing out our joints at a stupendous rate. However, the real growth rates in joint replacement are coming from those between the ages of 45-64. Joint replacements have tripled in that age group over the last decade, with nearly half of all hip replacements now being done in people under age 65.

In the past, orthopedic surgeons were reluctant to replace a knee or hip in patients under 65 since replacement joints typically only lasted 10 to 12 years. Today, thanks to advances in medical device technologies, a typical knee or hip can last 20-25 years. As a result, more Americans than ever are opting to get the surgery now, rather than give up their mountain bike or snowboard for less active physical pursuits. I'm one of them.

Six months ago, my knee began bothering me while doing my usual cardio fitness exercises. The pain increased to the point that I visited a doctor who informed me that my right knee "was shot." Decades of running, step aerobics, snowboarding and skiing had taken its toll on my body. Although the pain was moderate at best, I opted for surgery now rather than limp along until the pain forced me into surgery. I did not want to sacrifice my athletic lifestyle.

The procedure was successful thanks to my surgeon, Dr. Mark Sprague of Berkshire Orthopedic Associates, who is a true rock star. The staff and service of Berkshire Medical Center's orthopedic unit was exemplary as well. I guess you get what you pay for.

The cost of a joint replacement varies depending on where you get it done. A study by Blue Cross Blue Shield indicates a total knee replacement procedure, on average, costs $31,124, but could be as low as $11,317 in Montgomery, Ala., to as high as $69,654 in New York City. Hip replacements, on average, go for $30,124 but can be as much as $73,987 in Boston.

But there are whole lists of other services that must be paid for. Pre-surgery appointments, diagnostic studies, lab tests, the doctor's fees, anesthesia, postoperative hospitalization plus postoperative recovery including rehabilitation and physical therapy. Since my surgery was one month ago, I have not received a final total of the all-in charges. But when I do, I'll most likely write another column, since it is my understanding that the actual manufacturing cost of an artificial hip is about $350.

Yet, by the time the hospital purchases these sterilized pieces of tooled metal, plastic or ceramics, that same hip costs them $4,500-$7,500. From there the charges escalate. By how much, I am determined to find out — so stay tuned.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.