Jobs

Nonfarm number comes in at 211,000, above the 190,000 consensus. However, downward revision to last month from 243k to 225k, and manufacturing suffers (again) by 5k with a downward revision in manufacturing for last month from -1k to -10k.

UPDATE: I see the big spin on the jobs number this morning is that "the economy has put in the best quarter of job growth since the year 2000 (154+225+211=590)."

In the first quarter of 2000 the economy added 841,000 jobs, so we're a long way from that benchmark (damn that Clinton!).

In 2001, the economy added 20,000 in the first quarter, certainly not too high a bar to beat.

In Q1 2002 (still in the tailspin caused by 9/11), the economy lost 280,000.

In Q1 2003 the economy lost another 266,000 jobs.

In Q1 2004, the economy gained 523,000, the only number anywhere close to Q1 2006, and a very mediocre average of 174,000/month ('03 tax cuts notwithstanding).

In Q1 2005, the economy posted a gain of 481,000, for an even more mediocre average of 160,000/month.

In other words, to be honest, there's only one other year in the past five that we really need to make a comparison against. And growth has been mediocre in any event.