Last week’s jobs report for July showed unemployment dropping from 7.6% to 7.4%, which marks the lowest rate since December 2008. Good times, right? Not exactly. The rate fell in part because more and more Americans have ceased looking for work. Wage growth has been anemic and the recovery from the recession has been the slowest since World War II. The U.S. economy is sputtering along at 2% growth.
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