This report is much stronger than it first appears. If Feb [employment report] is broadly similar, a March 28 hike is assured.

This report is stronger than it looks and is consistent with the industrial recovery gathering pace,

This [report] suggests strongly that the distortions caused by the provisions of the March economic stimulus package are now fading and that the underlying -- downward -- trend in claims is starting to re-emerge,

Still, this is a hugely encouraging report, pointing clearly to a vigorous recovery.

Once rebuilding gets underway in earnest in the Gulf Coast, we expect much stronger construction numbers across the board. But that will be a story for the very end of this year and into 2006.

This may mark the start of an upturn in exports, but it's too soon to be sure.