This is a terrible, horrible, no-good, very bad jobs report.
The 88,000 net jobs added in March, if that or a similar figure holds up through revisions, is a tragedy: Nearly four years into the economic recovery, with the unemployment rate still close to 8 percent, the nation recorded a month in which too few jobs were added to keep up with the growing American workforce (that number is more like 125,000).
The headline is that the unemployment rate fell to 7.6 percent from 7.7 percent, but it was almost entirely for bad reasons.