There is really nothing to say that has not been said in previous months, but I'll reiterate:
1.) Too much debt (by consumers and government) - kills jobs during deleveraging.
2.) Too much regulation (Obamacare, EPA, tax code uncertainty, etc.) - kills jobs.
3.) Not enough savings (which leads to capital investment) - creates jobs.
We keep doing 1 and 2 and not 3. It's the classic definition of insanity.
On the bright side (
), these horrible numbers (and with the stock market tanking, again) should prompt the Fed for another round of QE to continue the insanity (Operation Twist II is winding down this month).