Jobs Half-Grow

192K jobs in Feb! But wait. Due to storms in Jan let’s avg out job growth in Jan and Feb. That gets us about 125K per month; not much better than in Q4 ’10. So we have positive job growth but no acceleration! This suggests GDP growth of 3% maybe 3.5%; half of what’s needed! Moreover, since Oct 700K persons have left the labor force and the participation rate is at a 27 year low!