Here is the headline story of the below-expectations July jobs report — and the one the usual naysayers in the financial commentariat are seizing on.
Nonfarm payrolls fell by 23,000. May and June were revised down by a combined 103,000 jobs. Average hourly earnings rose just 0.1 percent, below expectations. The labor-force participation rate slipped to 61.4 percent.
Now look behind the headline.
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