I get the feeling that the economy was really wanting to move ahead more quickly last year, then hit a bunch of speed bumps. I get the feeling companies are ready to start building their businesses and do lot of what normally happens in an expansion.
When the economy recovers, the last place you are going to see it is in the job numbers.
The report is moderate -- it is not terrible. There is nothing wrong with the economy. What it confirms is that the economy is not out of control.
This is a view of the economy as we knew it; the world has changed a bit (since then). It's highly likely the Fed will pause for a while.