Federal Reserve watcher Ray Stone notes that Friday's payroll data were "very solid," and set the stage for this summer's annual summit in Jackson Hole, Wyo., where central bank officials will debate the quality of the recovery in the labor market.
What does that mean for the rest of us? Interest rates rise - or not - based on whether Federal Reserve governors think the economy is picking up. If yes - and jobs growth supports this - rates could go up by mid-2015.
Federal Reserve chief Janet Yellen will take a microscope to these latest unemployment data as part of the debate. "She's pointed to these measures indicating the U.S. labor market is still troubled," says the cofounder of Stone & McCarthy research firm in Princeton. "And yet, we should be happy with the direction of things."