The 2014 midterms are still going to be a tough slog for Democrats, who will almost certainly drop some seats in the House and face the real prospect of losing control of the Senate. But the odds of Democrats limiting GOP gains are a great deal better in an improving economy than a stagnant one.
And at least for the moment, the rosy predictions for economic growth this year of at least three percent seem much less fanciful than they did after the last two jobs reports.
Nearly all of the numbers in the February were positive, and the gains may actually understate the health of the economy.
(Read more: GOP presidential race wide open, no matter what you're hearing)
Construction added just 15,000 jobs, possibly reflecting a lack of activity during the brutally cold winter.
Some analysts believe the March jobs report--which will come out next month--could be a blockbuster if employers in construction and other fields add workers they otherwise would have earlier in the year.
Average hourly earnings rose by a surprising 9 cents to $24.31, a welcome change in a statistic that has been painfully flat. However, the workweek edge down by 0.1 hours to 34.2 hours, possibly reflecting the cold winter. So the higher earnings may just be a result of salaried employees' wages being averaged over a shorter workweek.
Nothing in the February report is likely to change the Federal Reserve's current plans. The report is strong enough to keep the $10-billion-per-month taper of asset purchases in place. But it is not strong enough to increase the pace of the taper or quicken the timetable to eventually increase interest rates.
(Read more: Job creation accelerates in February)
Fed Chair Janet Yellen and the rest of the Fed's Open Markets Committee lean toward 2015-2016 as the earliest possible dates for interest rate hikes. Essentially, the Fed wants to get out of the way and not have any of its moves play a big role in the 2014 elections. Eventually we will have to talk about the Fed's role in the 2016 presidential race but that's still a ways off.
The White House was quick to embrace the jobs report. "February 2014 was the 48th straight month of private-sector job growth," Jason Furman, chair of the White House Council of Economic Advisers, said in a statement. "Despite a major snowstorm that hit the East Coast during the reference week for the labor market surveys, the rate of job growth picked up from the December and January pace."
Furman also used the report to press for an extension in emergency unemployment insurance citing the increase in the jobless rate to 6.6 percent from 6.5 percent and for the infrastructure spending plans contained in the budget President Obama sent to Capitol Hill this week.