Normally the President's Council of Economic Advisers' Weekly Bulletin is only distributed within the Administration. For some reason, this week's is available online. Here are the key thoughts:

Nonfarm payroll employment increased 97,000 in February, in line with market expectations. The unemployment rate dropped from 4.6% to 4.5%. This good news was tempered by a decline in the workweek so that total production-worker hours fell 0.3% in February. As a result, hours worked in January and February are little changed from the 2006:Q4 average, suggesting slow GDP growth in the first quarter.

With fourth quarter GDP growth having been reduced to 2.2% last week, it looks like the soft landing may be upon us.