The better-than-expected jobs report for February showed the headline 242,000 nonfarm payroll gain, but a slowing wage number — average hourly earnings down 0.1 percent. The unemployment rate for last month was unchanged at 4.9 percent, capping off what Labor Secretary Thomas Perez called the best two-year stretch for consumers since the late 1990s.
"What we see, not withstanding those doomsayers: American businesses are resilient," Perez told CNBC's "Squawk on the Street." "American workers are resilient. And we're continuing to move in the right direction — with undeniable unfinished business, but a lot to do, and a lot accomplished."
On CNBC's "Power Lunch," Rutgers labor economist Bill Rodgers said the growth was considerably promising, considering obstacles faced by the Obama administration.
"This administration was handed a very, very tough hand," he said. "It hasn't gotten us back to where we were at the beginning of the recession. ... But we are, in a historical sense, at higher levels."
Yet market participants, as Plosser pointed out, do not expect a Fed rate increase at the central bank's March 15-16 meeting, which will be capped by a news conference by Fed Chair Janet Yellen.