Some thoughts on today's 312,000 jobs added to the economy

The numbers

Now, about the jobs numbers, here are the headline numbers:

• An increase of 312,000 in December in non-farm payrolls based on the business survey. That is well in excess of the consensus estimate for 178,000.

• Revisions of +58,000 to October and November payroll data, bringing the net up to +370,0000 for this month's business survey

• An unemploymen…