And at first glance, they look pretty good on balance with the unemployment rate (U-3) falling below 9% for the first time since this March. (The more broadly defined U-6 fell as well)

Of course, the falling unemployment rate was largely the result of a decline in people looking for jobs, the increase in the non-farm payroll of 120K is less than the (roughly) 175K increase needed to accommodate natural growth in the labor force. (Private payrolls were pretty good, but state and local payrolls continue to hemorrhage)

I would still say that this more good than bad news, as are the latest ISM factory numbers, which point to continued growth.

On the other hand yesterday’s initial unemployment claims were back over 400,000.

It’s better, but we are still firmly in lost decade territory.