With three sub-300,000 numbers in the past four weeks, it is beginning to look as though there has been some real improvement in the labor markets this year.

It is beginning to look as though there has been a real improvement in the labor market at the start of this year.

The drop in stock prices is no excuse to beginning cutting rates, as some in the market desperately want to believe, ... Given where oil prices are and given what the fundamentals still suggest, I don't see the Fed doing anything for the time being.

This is the first official acknowledgment that the economy is beginning to improve.