Today's job report (BLS) should stick a fork in all the doomer hyperbole that seems to have a death grip over logic here recently. The report (and especially the revisions) show an economy that is fairly strong (compared to the last 13 years) and definitely not near a decline. The overall number was only +165k, but watch that get revised up substantially, as almost every single number has over the past 3 years. The March revision (just the first one) went from that weak 88k up to 138k and February's final revision went up to 332k from 268k.
Of course, let's not forget that the labor force increased by 200k, and more importantly the "not in the labor force, but want a job" category declined by a whopping 300k last month.
In unadjusted terms, the gain was actually +932k and the unadjusted unemployment rate went down to 7.1%.
Look for Q1 GDP to be revised higher as a result of this report and also look for the Q2 GDP estimates to pick up considerably now.
I wouldn't be surprised to see another downward revision to our estimated deficits for the year as a result of increasing economic growth as well.