Everybody knows energy prices are out of control. But to see the core number coming in line with expectations and the year-over-year figure actually declining tells me the Fed is back on plan to move at a gradual pace (of rate increases.)
Although today's employment report provides little evidence of anything resembling a double-dip recovery, it does provide stronger support for the onset of a gradual to a moderate recovery in the months ahead.
It now looks as though the economy is continuing to gravitate towards a more gradual pace of economic growth.