Most jobs created are Part Time. That means they are low wage jobs too. Those who are not part time are without health insurance are temps who could also easily lose both job and health insurance. With that kind of insecurity, there will be little left to spend.
The good paying jobs are technical and taken mostly by H1B visa guys who are savers and will go back and buy a house in their country. Besides, what difference does it make if 500K jobs are added and just as many are lost - keeping the rate where it is?