Tanked?
Have you looked at the job #s in granular detail? The seasonal unadjusted is up something like +700k (which is what the birth/death adjustment comes up with).
Furthermore, I don't think pulling back from additional QE had much of anything to do with the recent slowdown. The disaster in Japan (and the connected supply chain disruptions) had a much more substantial effect in real terms.
This is a minor 'correction' to a jobless recovery. If you want more jobs, you'll need fiscal (and monetary) stimulus for that. Just ask China: that's what they do.
Where we are at with so many stabilizers is probably already our steady state employment (thus the lack of recovery) level until at least we either successfully inflate (housing) or pay off the associated debts (a decade+). Until then, banks have relatively little money or desire to lend, marginally strapped US consumers have no interest in spending (since they aren't moving anywhere), and deflation reigns supreme. And thats with a few trillion more of QE...
The economy isn't growing, but it isn't crashing either. It's stable.