From the Wall Street Journal (non-gated article): Five initial takeaways from Friday’s report:

  1. The 195,000 gain is above expectations and above the 182,000 average of the past year. Prior results were revised higher, a good sign for the economic recovery (see my post on Friday: Five things to watch for in Friday’s non-farm payrolls report)
  2. 202,000 jobs added per month on average so far this year, above the 200,000 target some Fed officials have been citing
  3. The government sector remains a drag on employment, consumers are driving the recovery
  4. We’re ahead of schedule for ‘tapering’
  5. There are notes of caution and concern in the figures that are signs of a less than healthy jobs market