two discussed the jobs report, im joined by diane swonk, chief economist from mesirow financial . good to see you. >> good to see you, too, mark. were strongerrs than the most optimistic projections. did they surprise you as well? definitely. there are based gains in the numbers we really like, hiring and business services, and countenance, management, consultants. we saw manufacturing and construction regard. -- were good. all of the retail hiring is actually behind the scenes for online purposes. >> what were the wrong reasons? retailers andg food providers -- restaurants -- 30-hourple below that threshold, which means they are doing two jobs in one. people having to accept part-time instead of full time, down a little bit, but still way too much. >> a lot of people, a lot of jobs, a lot of part-time jobs. there was an increase in american paychecks, a sharp increase. it is the biggest gain in 70 months. if you look at the last 12 months, the hourly pay barely above the inflation rate. what will it take for workers to see a sustainable, livable wage? >> we need to see the unempl

. >> reporter: economist diane swonk, with chicago's mesirow financial, says the economy is not just creating more jobs. >> in fact, the composition of jobs is starting to improve a bit. we're starting to see the "meat on the bones" jobs of full-time hires in accounting, business services, technology consultants. this is something that was really absent until about six months ago. >> reporter: hiring in manufacturing and health care, typically better paying trades, helped hourly earnings jump .4%, the biggest gain in more than a year. but compared to a year ago, hourly wages are still up only 2.1%, a gain that's all but wiped out by inflation, which means most families, maurice, are still just treading water. >> dubois: anthony mason, thank you very much. the economy may be creating more jobs, but not enough of the kinds of jobs that make ends meet. here's anna werner. >> reporter: in waxahachie, texas, at her small roadside food stand, 47-year-old kathy jones told us she's been trying for five years to raise herself above minimum wage. sounds like you've been struggling. >> i have b

. >> sreenivasan: i'm joined by diane swonk with a financial services firm.t's behind the higher number today? >> a lot of good news. we had meet on the bone jobs in things like business services, an area hard hit during the recession, includes accountants, technical consultants, engineers, architects. that's the good news. we also saw manufacturing and construction jobs, awful low base but still jobs in that sector. then a huge hiring in retail, also food, restaurants, all those kind of areas. >> sreenivasan: holiday season? >> not just holiday hires. 20% was in the auto sector to sell cars. we don't tend to buy those for gifts in the holiday season. the department stores and the big box retailers didn't hire up and that's because they're showing off their online presence. we saw warehousing and packaging. shippers are hiring because last eyear we had bad weather and online spending and i was one of the ones who didn't get their presents on time. it's not good when it comes three days later. they're trying to get that in order all year. >> not all jobs are c

for more reaction to the jobs and market, let's bring in diane swonk senior managing director with mesirowavid kelly with jpmorgan funds. diane, we'll start with you since you are in town. the dismal scientists, weak-willed economists totally missed the boat. nobody was expecting 300,000 plus jobs. >> no, but revisions have been on the up side the past several months. that means we are missing the momentum on the initial cut of the jobs data and creating more jobs each month than the initial report suggests. that is always a good sign. it means business creation might be on the up swing. i think it was a good report with broad-based gains with business and services. permanent hires, accountants, engineers, all those things are really important. on the down side, wage gains year over year still 2.1%. that is not enough. it's tepid and we need sustained wage growth of 3% to get back up on that core steve mentioned of 2% target. >> given the fact it was overwhelmingly a positive report, does it change the time table at all, the trajectory for the fed? >> no. i am on the other side of the camp