Ezra Klein's take on the jobs report:
It's not that these numbers are catastrophic: They're worse than October but better than September. They're just evidence that the labor market's recovery hasn't taken hold yet -- and that is catastrophic.
Leonhardt is equally gloomy:
What’s causing this? No one knows, to be honest. But the most likely suspect is the same one that has been hurting the economy for much of this year. Financial crises do terrible damage, and the economic aftershocks from them tend to last longer and be worse than people initially expect.
Today’s report is another argument in favor of the Federal Reserve’s attempts to reduce long-term interest rates, through its so-called quantitative easing program. It’s also an argument for making sure that any extension of the Bush tax cuts includes measures that are more likely to create jobs, such as business tax cuts, a payroll tax cut and an extension of unemployment benefits.
Chart from Calculated Risk.