Best described over at Zero Hedge:
…Here is the wrap. The employment situation is still very bad. It brings up the specter of long-term structural employment in our economy. Job growth is still weak, buoyed by temp and health care workers. There are some positives in this report but job growth is still insufficient to overcome layoffs and a growing labor force. Some of the gains are technical in nature, and I expect unemployment to go up again in the next few months. The traditional drivers of growth, manufacturing and services (other than health care and temp) are still mostly flat. It appears that the Fed will continue its destructive monetary policy as long as unemployment remains high. It is conceivable that we are looking at another 5 to 10 years of sluggish job growth and a stagnant economy as a result of government fiscal and monetary policies…
I add to that this: if the government continues its current fiscal and monetary policies we will utterly collapse in national bankruptcy. Bernanke seems determined to never stop printing money and Obama and his Democrats have not, so far, really indicated a willingness to cut spending (they are offering some eye wash and they are probably hoping that some how, some way, growth resumes and thus allows the current spending levels to be absorbed by a much larger economy; they are fools for thinking this will happen, but they do seem determined on it, at the moment). If we cannot get a handle on this and start on a meaningful path to a balanced budget, then we are fiscally doomed – and not only will unemployment be bad, but it will get very much worse.
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