It's hard to say exactly why the labor market grew at such a tepid pace last month, adding just 88,000 jobs - not nearly enough to make a dent in the millions of unemployed or even keep up with population growth. Overall, though, it seems clear that consumers are still tapped out, with their incomes flat for years, and many of the new jobs being created lately are low-wage positions that don't leave people with much spending money.
This economy isn't out of the woods yet. Not by a long shot.