If you enjoy having a good argument, Friday's report on the labor market gives you plenty to chew over. Find a good debate partner and let's get started.
First, these are the facts: The Labor Department data showed February was a good period for job creation. During the short, cold month, employers added 236,000 jobs — far more than the 160,000 most economists had been predicting. And the unemployment rate fell from January's 7.9 percent to 7.7 percent — the lowest level since December 2008.
OK, we have our facts. Now let's start debating the five points that economists are mulling today.
1. Across-the-Board Cuts Haven't Hit — Yet
One Side: The White House noted the employment numbers were collected before Feb. 16. That was before Congress allowed dramatic, across-the-board budget cuts to launch on March 1 under the "sequester" process.
Liberals fear that as the federal spending cuts fully come into play this spring and summer, job growth will suffer. "Unfortunately, the heavy-handed budget cuts forced by the sequester threaten serious harm to our economy and to our nation's long-term unemployed workers, who are among the Americans who'll feel these stupid and senseless cuts most deeply," said Christine Owens, head of the National Employment Law Project, which advocates for low-wage workers.
The Other Side: Conservatives say the sequester is reassuring businesses that this time, House Republicans will reign in federal debt and get government out of the way of the private sector.
House Speaker John Boehner, R-Ohio, released a statement saying "our spending-driven deficit threatens our economy, and responsible spending cuts are needed."
2. High School Dropouts Are Doing Better
One Side: Finally, the unemployment rate for people without a diploma is dropping — down to 11.2 percent last month from January's 12 percent. In February 2012, that rate was 14.8 percent.
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The Two-Way
Pleasant Surprises: 236,000 Jobs Added; Jobless Rate Dips To 7.7 Percent