In relation to most of the current comments:

I believe there is way too much focus on employment by the fed. It is an important indicator and should be acknowledged for sure. However, it is not very transparent information (like most to be honest) and can sometimes be both a lagging and leading indicator since different sectors will react differently to news and some won't react at all and will be doing the employment in regards to their own information.

A lot of other information has come out pretty bad recently with some pieces hitting lows of 2008.

I like to think of myself as mainly Austrian but I also like to come at information from different viewpoints (beside Marxian...I just can't do it). To me it is very worrying that the IR has been kept at 0 for so long and that we still have HUGE debt lingering above our heads with an immense amount of unfunded liabilities and an ever increasing income gap that is not caused by Capitalism in the slightest (which is what a lot of economists seem to be blaming).

Further, I think this jobs report is actually quite representative of the US economy as it is, perhaps even a bit better than the current trend. The following months will be some of the most important months for information and I believe we have binary options available: The US economy is going to improve a lot more, or the US economy is going to show signs of slowing and data is going to get worse and worse.

I am in agreement that wages are very important at the moment but I also think we need to see a bigger improvement in savings and other sectors such as manufacturing, GDP growth, retail sales and most importantly level of new business startups.

TL;DR: Moderate news for moderate information.