while the recent jobs report did spook the markets, other economic data suggest that the picture may not be as bad as this data point suggests. Specifically, the ISM Services PMI, which measures services activity, rose more than expected in July. The growth it shows is not just job creation, it also means that as people are laid off, there are more jobs in the service sector, which indicates strong business activity. Moreover, while it is true that unemployment rates were higher than expected...