For a discussion before the number and an interpretation after the release, tune in to CNBC around 8:20 am. Typically there are a few economists and other pundits discussing the number. As you know, the employment situation is a key to whether Obama is re-elected or not. If 14 million Americans are still out of work next year this time, the President will have tough going.
Rather than rely so much on others' interpretation, I prefer to go directly to the actual data which can be found at EMPLOYMENT REPORT.
CLICK TABLE TO ENLARGE As you can see, there is a lot of data not typically reported in the press--including the report for various sub populations as well as the rate of unemployment by education level. The Bureau of Labor Statistics does an excellent job at presenting all kinds of data and answering questions on the reports they issue.
Finally, to get an historical perspective, it is worthwhile looking at a graph going back to 1970:
This UNEMPLOYMENT RATE GRAPH is easy to make. If you want details, just send me an email. The graph shows that the U.S. economy has experienced 7 recessions since 1970, with the most recent one being the longest and most painful - taking the rate of employment from below 5% to up over 9% where it is stubbornly stuck. An important point to note is that the rate is not falling as it typically does after the end of a recession. This, in a nutshell, is one of the major economic issues facing the country.
As an historical note, you can see that the rate dropped below 4% in 2000. Before that, economists predicted a pick up in inflation at such a low rate. It didn't occur!