US jobs report uninspiring and it may get worse. It wasn't terrible by any stretch as the nation added 148,000 jobs, and the unemployment rate edged down a tenth of a percent to 7.2 percent. But it is far short of the kind of robust jobs recovery that Americans have been waiting for these last four long years. Indeed, if there is a trend at all, it is in the wrong direction. So in hindsight the Federal Reserve's decision not to begin slowing the pace of its bond purchases in September is looking better and better. However, the second implication of these weak numbers for policy are that the policy of automatic spending cuts that went into effect in March really are having an effect. Full (and interesting article) here (VIEW LINK)
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