Though it may have been controversial, the July jobs report helped confirm the notion that the U.S. economic engine is sputtering. Nonfarm payrolls rose by just 73,000 for the month, below even the muted expectations. Heavy downward revisions to the May and June count took the three-month average job gains down to just 35,000, or less than one-third the pace for the same period a year ago. Traditionally a lagging indicator when it comes to recessions, the weakness in job growth points to an economy that may be slowing even more than some of the traditional metrics are showing. “We are in a broad economic slowdown. ... (full story)