Ryan Avent reads it:
[W]hile this is, on the whole, a positive report, it is not a report that significantly changes the image of the American labour market. Current trendstoward a long, slow, and painful return to normalremain as they were before.
Andrew Samwick is more positive:
I say that this report is good enough for now because this is what the labor market looks like when it starts to bottom out and slowly recover -- overall job growth turns small and positive, cyclically sensitive sectors like temporary help services grow more rapidly than most, and it is tough to make progress against the unemployment rate because the number of job seekers may go up in tandem with total employment. I was at CEA in 2003-4 as the labor market went through the bottom of its last cycle, and I am having a little deja vu.