My take on the employment report (buttressed with graphs and quotes from Dean Baker):
Like Dean, I wasn't very impressed with the report.
Update: David Altig:
Updating a calculation referenced in a speech by Atlanta Fed President Dennis Lockhart on Wednesday, at a pace of 162,000 jobs added per month and at the current labor force participation rate, unemployment this time next year would still be just north of 9 percent.
And it's unlikely that labor force participation will hold constant. Instead, it's likely to increase. If so, then the unemployment rate will be even higher.