One thing seems clear about JPMorgan Chase's $2 billion loss. It's no longer $2 billion. It's likely much higher.

JPMorgan Chase, in a surprise announcement, said Thursday that it has suffered trading losses of $2 billion since the start of April.

The group that suffered the losses is part of the bank's so-called corporate unit, and had been making trades designed to hedge against risk.

The evidence has been clear for the past few months that the U.S. economy was accelerating in the second half, and toward the close. The jobs market, long a lagging indicator, is showing some signs of catching up. Expectations had been high for Friday morning's December jobs release, thanks to the ADP report on Thursday that suggested the private sector created 325,000 jobs in the month.