I don't' think we've seen any sign here that there is an urgency to risk damaging the pace of the upturn. Why rush, why panic?
It's more of a victory lap. Literally a month ago people were arguing that prices would not stop going up. Now, data we would have killed for two years ago is seen as the end of the world. But alarmists on both sides of this thing have been shown to be wrong.
That kind of decline is a perfect fit with what we've seen in the household survey's measure of employment, ... if not in February, then in future benchmark revisions.
This kind of sequential recovery, this coming up from the base, has been as good as we've seen in any economic recovery at this stage, but again this is multiyear process,
If demand stays strong and productivity growth slows considerably, this could be a year that could be seen as heading towards traditional overheating of the labor market, with big employment gains,