The Friday jobs report was decent in spots and prompted some relieved commentary. Plenty of headlines touted that the U.S. private sector had crossed an important milestone by at last regaining the jobs lost in the Great Recession.
However, a number of writers were right to point out that the big “milestone” was pretty deceptive. Many noted that total payrolls remain more than 400,000 below their prior peak due to cuts in the number of government workers, especially at the state and local level.
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