The Job Market Is Dead in the Water

How do you know the August jobs report was pretty bad? When the best thing you can say is that it might have met Wall Street expectations if not for a temporary shutdown in the port industry last month. (The motion picture and sound recording industry lost 22,000 jobs in August, according to the BLS.) Sure, the White House can argue, as economic adviser Jason Furman did right after the report’s release, that the “incoming economic data broadly suggest that the recovery continues to make progress.”  But consider the following:

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