The Federal Reserve is concerned with maintaining price stability and with employment and the economy. We know the labor market is strong and that the economy is doing well, but the CPI will address pricing pressure.

We are moving toward an economy that is less and less productive, absolute rigidity in the labor market, an administrative centralism that breaks with the trend of recent years.

This is the latest sign that the economy is slowing down, and because these are labor numbers, they're going to have particular weight with the Fed. This is the kind of news that could take some of the uncertainty out of the markets and get stocks going up again.

Today's disappointing labor report supports the notion that the emerging soft patch in the U.S. economy is here to stay.

The economy is doing fine and the labor market is on the mend.

The risks are going up nationally, but they're mitigated by a strong labor market and strong economy.