What's the job market doing? According to the February numbers just out from the Bureau of Labor Statistics, it's going in two ways at once. First, jobs are up by 311,000. Not the utter blowout of January, but distinctly more than the 225,000 economists generally expected.

As Oxford Economics summarized, "The labor market cools from blistering to just plain hot."

Though, as David Harrison of the Wall Street Journal noted, "But month-to-month wage gains cooled to 0.2%, the slowest increase in 12 months."

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