Non-farm payrolls surprised to the upside in February with 175,000 jobs added. The number was “unexpectedly” high with forecasts running in the 150,000 range and some going much lower.

These forecasters had a ready-made alibi – the weather.

So, perhaps, it wasn’t as bad as we thought it was.

After a distressing ADP report and a so-so first time claims number this has to be seen as good news.

The unemployment rate, held rose by a tenth to 6.7 percent. Adult participation was steady at 58%. And long-term unemployment, underemployment, and other components of the jobs malaise will linger as economists and pundits analyze and debate the significance of this surprising report.

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