Many financial commentators expressed enthusiasm over the stronger-than-expected September jobs report, but the picture isn't as bright beneath the surface.

Non-farm payrolls rose 248,000 last month, and the unemployment rate fell to a six-year low of 5.9 percent. So what's the problem? CNNMoney cites three of them:

• "The 'glass is half-empty' workers: part-time jobs remain a big problem. Over 7 million Americans want full-time work, but can only find part-time hours."
• "The 'I'm done' crowd." These are people who have given up seeking a job for at least four weeks. There are approximately 700,000 of them, up almost 100 percent from 2007 before the recession began.
• "The 'lost workers.'" These are people out of work for at least six months. They now account for almost one-third of the unemployed, up from 17 percent in 2007.

"Economists say the job market will continue to improve, but may take years for these economic wounds to fully heal," CNNMoney notes.

CNBC commentator Larry Kudlow is quite concerned about the job market. "We still can't seem to stop the hemorrhaging of people dropping out of the labor force," he told "The Steve Malzberg Show" on Newsmax TV.

He noted that the labor force participation rate fell to a 36-year low of 62.7 percent in September.

Baby boomers' retirement explains some of that, Kudlow noted. "But a lot of it is the government subsidizing non-work. People at the margin who might grab a job have walked away because the government benefits are quite substantial."

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