Reacting to jobs report

As you expect, economists were generally pleased with the additional 151,000 payroll jobs last month. Here's a sampler, via Real Time Economics):

--We believe this reflects a transition from a productivity led recovery to a modest expansion that is sustained by job and income growth. -David Greenlaw, Morgan Stanley

-The report is better than expected and a most welcome development, corroborating our general thesis: the recovery is ongoing while the data continue to suggest that worries about a double dip recession are overblown. -Dan Greenhaus, Miller Tabak

-Today's news does further reduce the likelihood of the dreaded "double dip", and as that risk is seen to recede, businesses and households may become more confident to hire and spend.-Nigel Gault, IHS Global Insight

-Even though October's job growth is a step in the right direction, given the backlog of 14.8 million unemployed workers in this country, the pace of job growth is not strong enough to bring the unemployment rate down to pre-recession levels anytime soon. -Heidi Shierholz, EPI

-We had not been expecting sustained private payrolls at this pace until next spring, and this could easily be a fluke. But for now it looks good. -Ian Shepherdson, High Frequency Economics