Today's jobs report has some good signals for the economy, and some cautionary notes.
The media's takeaway, of course, is that the unemployment rate dropped to 7 percent and 203,000 jobs were added.
This is the third of four months that have seen at least 200,000 jobs added, though the month prior to that – July 2013 – only saw 89,000 jobs added.
CNBC notes the participation rate, which has been around a 35-year low for some time, ticked up in November – which means more people are looking for work. However, the report cites the positive change in the employment-to-population ratio as an improvement that partly reflected the return to work of furloughed federal government employees.