Private-sector payrolls grew by 246,000 in February on a seasonally adjusted basis—the most since November and at a substantially faster pace compared with January’s relatively tepid rise of 140,000, the Labor Department reports. Meanwhile, the year-over-year percentage change in private payrolls continued to advance at just under 1.9% through last month, or roughly in the range we’ve seen in recent history. In addition, the unemployment rate ticked down to 7.7%, a post-recession low. Is this a sign that growth is set to ramp up in the labor market? Maybe, but that’s a speculative interpretation of today’s data. What we can say with a high degree of confidence is that the moderate growth train of late rolls on.