Although the equity market liked the employment report this morning, the labor market is far from where it needs to be to absorb the jobs lost since the last recession. The 243,000 jobs that were added was the highest in the last nine months; however, the number of employed is far below the level prior to the recession--5.6 million below.
Certainly the addition of 200,000+ new jobs is a positive, but this recovery remains one of the weaker recoveries in terms of job creation. The participation rate remains at a level last reached more than 20 years ago. The employment to population ratio and the average duration of unemployment also remain at problematic levels.