WASHINGTON — The February employment report shows continued growth and no signs of snowstorm impact, but the underlying data are not as strong as the eye-popping headlines.

February payrolls surged 236,000, well above both the median estimates in surveys and the whisper numbers, but January-December revisions were down 15,000 on net and this represents only modest growth in context. That is, the 3-month average for jobs is just up 191,000 and this is only slightly above the 2012 average, showing the U.S. economy is not really taking off.

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