When government reports start “beating expectations,” I hold onto my wallet. Because more often than not, those expectations are deliberately set low enough for even a sputtering jalopy to clear the bar. That’s exactly what happened with the latest employment data. Sure, the numbers look good on paper—but under the hood, this engine is losing compression. And fast. Let’s be clear: employment is the linchpin of the economy. Not just any employment, but productive, full-time jobs that generate real income and foster real consumption. It takes around 200,000 new jobs a month just to keep up with population growth in the U.S. And while we may have cleared that mark recently, the quality and structure of that employment are eroding.…
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