The jobs data were the best we have seen in a long time and well above expectations. This and the first upward revisions to the annual revisions were a pleasant surprise. While a lot of people are in disbelief because of a present bearish bias, you have to take the numbers for what they are and they are bullish. I still feel that the US economy is at stall speed and expect a second recession by the end of 2013 but I am prepared to upgrade my assessment based on how things proceed. That said, this is just one month's data in a notoriously noisy month for employment data (See the premium post Jobless claims jump may be seasonality)
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Chart of the day: Labor force participation rate at 30-year low originally appeared on Credit Writedowns
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