If new jobs don't outpace demand via new people (immigration) or just new job seekers, then that's not a good thing. It's not as simple as "new jobs were created."
Did I say it was a good thing? I don't think so. I merely said 32K jobs were created. Not lost. Created. Period.
Is it below expectations? Sure. Is it worth rioting in the streets or wailing and gnashing teeth over? Lord no. I winced when I saw the number this morning, but not because I'm worried it suddenly cost Dubya the White House. It was because I knew all the Chicken Littles would be stampeding.
I don't get too excited for news like this, good or bad. It's simply not a big deal.