Jobs Report kicks the stock market in the Nuts

It's all over the news today - the unemployment report sucked. Out of all the pieces I've read today on the subject, here is the most blunt and sobering of them all, by Paul R. La Monica at CNN Money:

Jobs must lead, not lag, the recovery

NEW YORK (CNNMoney.com) -- It's time to put to bed this silly notion that the still weak labor market is nothing to worry about because jobs are a lagging economic indicator.

The economy will not and cannot recover until a lot more people go back to work. It's tempting to write off the worse-than-expected loss in jobs in July because it was primarily a result of temporary Census jobs coming to an end.

Still, the 71,000 gain in private sector jobs in July was lower than what economists were hoping for and has to be considered a disappointment.

Whether another round of government stimulus is needed to prod businesses to start hiring again is up for debate. But it's painfully clear that businesses MUST add workers for the economy to bounce back.

Finish article here

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