The phrase “new normal” is usually used to explain the persistence of underwhelming economic data, such as today’s employment numbers. Nonfarm employment rose 192,000 (or 0.1%) in February from January, but that was after a sluggish, weather-depressed 63,000 gain in January (which was revised up from 36,000). Over the two months employment advanced an average of 127,500, in line with the last five months.
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