Jobs Up, But Not Nearly Enough

Despite some modest improvements in the jobs picture with the release of today's Labor Department report, I would guard against any irrational overexuberance that problems with employment or the economy are being solved. A smaller-than-expected 80,000 gain in nonfarm payrolls was bolstered by upward revisions in the prior two months, amounting to 102,000 additional jobs. So over the past three months the establishment survey has averaged 114,000. It's really nothing to write home about.