Jobs Report Is Just Bad News All Around

The job market was lousy again in August, and next month things will look even worse.

I know, that’s not what other people are saying. On Wall Street and on those TV business channels that kowtow to the financial community, the 169,000 gain in new jobs reported Friday was described as acceptable.

But yesterday’s number — that 169,000 gain plus an artificial drop in the unemployment rate to 7.3 percent, from 7.4 percent — was bad news all around.

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