It is good to see that private payrolls are increasing; one hopes that they will continue to do so long after temporary government hiring comes to an end. And while the unemployment rate rose, that is because people are increasing confident about the employment picture, and more willing to dip their toes in the water in search of work. But the increasing debt crisis worldwide–a crisis that we may not be immune to in the long run, thanks to the Administration’s free-spending habits–puts further economic recovery at risk. It also ought to be noted that the underemployment rate rose to 17.1%, and that the number of people that have been out of work for the past six months rose to over 6 million. Popular confidence concerning the economy remains quite low as well, which will inevitably tamp down spending. So while we have some mild cause for celebration, let’s not spike the punch too much. There is still a lot of recovery needed to get the economy fully on track, and there are plenty of risk factors that may short circuit a recovery in the near term.