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Cancel recess, cut the tape, lock in 3% growth: Why the jobs panic is dead wrong

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yesterday

Congress should cancel its August recess and act on the warning in July’s jobs report. America needs legislative and regulatory action that turns rising investment and productivity into broader hiring, stronger workforce participation, and consistent 3% growth.

July’s jobs report is not proof of an economic downturn. It is a roadmap showing where America can gain ground.

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The economy lost 23,000 jobs in July, while payroll gains for May and June were revised downward by a combined 103,000. The unemployment rate declined from 4.2% to 4.1%, but the labor force contracted by 264,000 people.

Nonfarm payroll employment declined by 23,000 in July, while payroll gains for May and June were revised downward by a combined 103,000. The unemployment rate declined from 4.2% to 4.1%, but the labor force contracted by 264,000 people.

These numbers deserve attention, not panic.

America is not starting from weakness. Consumer spending increased at a 3.2% annual rate during the second quarter. Real final sales to private domestic purchasers, grew 3.9% at an annual rate. Business investment in equipment surged 15.2% at an annual rate.

Nonfarm business productivity increased at a 1.4% annual rate during Q2 and 2.2% from a year earlier. Manufacturing........

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