WOW! This just in. The initial non-farm payroll number for March was up 308,000 jobs! Let me say that again, 308,000! More than that, the number for January was revised upward to 159,000 new jobs, and February's was revised up to 46,000. On a monthly basis, this is the highest rate of job creation since March 2000, which was the peak of the market bubble. The bond and futures markets went nuts at the news and I expect the stock markets are going to have a very good day.
On a related statistical note, the unemployment rate went up to 5.7% from 5.6%. This means that in the face of half a million new jobs, things look so good that even more people have entered the labor force that previously weren't looking for employment.