A very quick and simple guide to today’s U.S. jobs report

1. What is there to like:

The economy created 215,000 jobs in March: This above consensus outcome confirms that the US remains one of the world’s most powerful employment engines.

Average hourly earnings rose by 0.3 percent to $25.43: A notable (and much needed) increase in wages that takes the annual growth to 2.3%.

Both the civilian labor force participation rate and the employment-population ratio edged up, though not by much: While continuing to move up in a favorable manner, these two metrics continue to lag the improvements in other key indicators of the health of the labor market.

2. What is not to like:

The number of long-term unemployed remained at around 2.2 million: The longer people are without a job, the harder it usually is for them to regain employment.

Involuntary part-time workers remained at 6.1 million: These are workers hoping to get full-time jobs but are still unable to ... which is bad both for them and for the unrealized potential of the economy.

The dispersion among major worker groups is still too high: This is of particular concern for teenagers and African-Americans whose unemployment rates of 15.9 percent and 9.0 percent are 2-3 times that for whites (at 4.3 percent).

3. In sum:

Overall, the March jobs report is a solid one, though not outstanding: It points to the continued strengthening of the US labor market while highlighting what are proving to be quite stubborn structural headwinds.