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The Principle of Hereditary Succession

Disappointing but Not Terrible

A disappointing but not terrible jobs report for July. The BLS reports:

Total nonfarm payroll employment increased by 113,000 in July, and the unemployment rate rose to 4.8 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job gains occurred in several service-providing industries, including professional and business services, health care, and food services. Employment also rose in mining. Average hourly earnings rose by 7 cents, or 0.4 percent, in July.