"Only" U.S. 36,000 jobs lost in February (we get our numbers in Canada next week). That is relatively good news. The storyline was the following. Given all the snow, the U.S. should have lost more jobs. 36,000 was a relatively good number because if there was no snow the U.S. would have seen growth. But there was no growth. In addition, there is a lot riding on the March numbers which will be released April 2. Assuming no more snow, this argument predicts a big positive gain.
The real issue here is what the recovery will look like. Are we stuck in a quagmire of persistently high U.S. unemployment (the plank) or are we going to see a sharp rebound (the hockey stick).
I vote for the plank.