The Jobs Report Is Overhyped. Here’s Why That’s A Problem.

It was shaping up to be another hot summer.

On Aug. 4, at 8:30 a.m. Eastern time, the Bureau of Labor Statistics released monthly hiring data for July. A pack of economists and journalists pounced, excited to spread the numbers across social media. Good news! The United States had added 209,000 jobs, an above-average result that exceeded the consensus prediction of Wall Street analysts.

America’s economy has beaten expectations,” the Guardian reported. Stock markets jumped when...

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