Kevin reviewed many of the numbers earlier, calling today’s report “mediocre.” I’d say that’s generous:

Employers added a disappointing 88,000 jobs in March, confirming fears of a slowdown in payroll growth that economists say could persist for several months. The number of new jobs is less than half what economists had forecast. The unemployment rate fell to 7.6% from 7.7%, largely because 496,000 Americans stopped working or looking for work, the Labor Department said Friday in its monthly employment report. Futures trading on Wall Street in major indexes began sinking as soon as the report was released. And investors fled to the safety of U.S. Treasury bonds, where prices soared and yields plummeted.