The chart above compares the monthly change in private sector jobs, as calculated by the BLS and ADP. Lots of noise, but no change in the long-term trend.
The chart above focuses on just the change in private sector jobs as reported by establishments. The best we have seen in recent years are months in which jobs grow by upwards of 250K per month. But in the past 12 months, jobs growth has averaged 178K, and in the past six months 189K. Those are ho-hum numbers.
One bright spot is that the growth of the labor force (those working plus those looking for work) has picked up modestly over the past year or so. But there are still upwards of 10 million people (potentially) who have "dropped out" for a variety of reasons.
As the chart above shows, private sector jobs are rising at a 1.6% - 1.9% annual rate. We're going to need to see several months of over-225K jobs growth before getting excited about a pickup in the economy.
The chart above shows the labor force participation rate (the labor force divided by the total working-age population), which looks to have stopped declining. That's good news, but it's going to have to start rising by a meaningful amount if the economy is to grow by more than 3% a year.
In any event, today's jobs number shouldn't deter the Fed from raising short-term rates to 1% next week. The Fed is still in "normalization" mode, and it's going to be a long time before monetary policy becomes "tight." The bond market is happy with the idea that rates are going to rise. Continued growth in the economy coupled with rising confidence fully justifies a Fed rate hike.