This is a terrible number. The economic recovery is almost three years old, and the economy should be producing 200,000 to 300,000 jobs per month.
Clearly, the labor market is improving, and this should translate into more jobs in the future,
Until and unless there are significant increases in jobs over a period, tighter monetary policy is out of the question.
More and more jobs, both manufacturing and service jobs are sent overseas; these jobs won't come back any time soon.
The bedrock of consumer spending and confidence is employment. The expectations of more jobs has boosted consumer confidence.
The economy and the job market are not out of the woods yet,
We're still losing jobs, but the rate of loss is expected to slow, ... That, hopefully, will be viewed that the economy is starting to improve.
That's why confidence is important. If it remains healthy, gains in sales will be high enough to offset the negatives coming from job cuts. It's a tug-of-war; right now, job cuts are winning.