NEW YORK (TheStreet) -- The December jobs report offered investors their first real scare in months.

The U.S. economy added 74,000 jobs, far short of the 197,000 economists surveyed by Bloomberg Data predicted. Though the unemployment rate dipped to 6.7% from the prior 7% reading, analysts were quick to note that the labor participation rate shrank 0.2 percentage points.

"It seems like there's a lot of noise in this data, and largely, I'd say, it's inconsistent with the other data we're seeing," Darrell Cronk, regional chief investment officer at Wells Fargo Private Bank, said in an interview.

Cronk referred to the ADP private payrolls report (which beat the consensus forecast by 33,000), NFIB small jobs data, ISM manufacturing and services numbers and the major jump in gross domestic product for the third quarter of 2013.

"It seems like an outlier," said Cronk.

And that may best explain the worry.

Since the government shutdown ended in October, U.S. economic data on housing, labor, trade, retail, consumer confidence, gross domestic product and other indicators have surpassed expectations. While many economists forecast that the government shutdown would cut back upside potential in the economy, numbers repeatedly offered positive surprise to the markets.

The strong run may best have been realized when the final reading on third-quarter real GDP reported 4.1% quarter-over-quarter growth.

December's payroll report was the first five-figure number since July, when payrolls rose just 89,000. Then the labor market promptly rattled off four strong months in a row -- 238,000 in August, 175,000 in September, 200,000 in October and 241,000 in November.

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