Today's jobs report is widely being viewed as a sign of an improving job market, a view I share with (of course) caveats. The biggest question is whether the recent acceleration of payroll growth sticks, especially as the sequester takes hold, which it hasn't yet. So far, both the stock and the job markets have said "sequester?... what's a sequester?" But unemployment is still high, the labor force participation rate shows evidence of continued weak demand, and that's taking its toll on wage growth. We'll need a lot more months like this to get back on track.