jQuery .each Question. Need clarification. Please let me know.

jQuery .each Question. Need clarification. Please let me know.

Hello Friends,

I went through the learning material on jQuery Site.  http://learn.jquery.com/using-jquery-core/iterating/. Here we have an nice example on iteration as pasted below. 

  
$( "input" ).each( function( i, el ) {
var elem = $( el );
elem.val( elem.val() + "%" );
});
If we see, $("input") is a jQuery object and if we are doing .each on it ,  each element returned will be a jQuery object , i mean el here.  Then why do we wrap it again with $() to make it jQuery object.
Thanks Kamruddin