I noticed a fair amount of confusion this morning as to whether this was a good or a bad jobs report. That's understandable. These things are really, really hard to read. So let's spend a few minutes reading this one.
This morning's jobs report was awful. Unemployment went down from 8.3 percent to 8.1 percent, but nonfarm payrolls only increased by a dismal 96,000, with another 40,000 jobs lost in revisions of previous months' figures.