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Jobs Report: Double-Dip? No. Japan-Like Stagnation. Yes.

|Includes: PowerShares QQQ Trust ETF (QQQ), SPY

The real news in this month's U.S. payrolls report is that there's no news: The job market is still dead in the water at recession levels -- and it remains as unclear as it was a year ago from where real growth will come. There's no major sign of renewed erosion for double-dip-recession believers, but also no major sign of future growth for recovery enthusiasts beyond the usual cast of characters: health care, education and other government-supported industry mostly insulated (for now) from competitors abroad.

Employment in financial activities continues to shrink, though at a slower rate than last year. There isn't any positive change in construction, retail, wholesale, information-technology, leisure or hospitality to write home about either.

Welcome to the new normal.

It's here to stay absent business-friendly policy change that makes businesses less anxious to fire and more willing to hire ("It's the Business Climate, Stupid").

I'd say "welcome to the European-style high-unemployment New Normal," but Europe is starting to get quite serious about cleaning up its business climate ("Buy Europe") and clearing long standing obstacles to real growth and dynamism, while the current ruling political class in D.C. dithers in its unholy mix of self-serving waste, fantasy and self-delusion remiscent of Japan and its lost two decades.

Disclosure: None