April's job gains were strong enough to keep a rate increase on the table for September but weak enough that a June increase looks highly unlikely.
Next week's data will provide some important clues.
Seasonal factors and weather have confounded economists who favor the quarter-over-quarter growth methodology.
The first-quarter GDP contraction is not indicative of the economy's underlying strength and should snap back to growth mode in the second quarter.
Sluggish consumption growth and falling net exports could be big headwinds on GDP this quarter.
In years past, job growth has looked remarkably strong in late winter and early spring, only to fall apart over the summer months.
But the economy is not all roses, either.
A slowing auto-sales growth rate is why I am less bullish than most observers about overall GDP growth in 2014.
When examined more carefully, the economy seems to be picking up a little bit of steam.
The market may cheer more free money for all, until the reality of Japan's issues gets a second look.