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The July Bureau of Labor Statistics report was a blockbuster. The economy created 528,000 jobs, and unemployment dipped to 3.5%, well ahead of Dow Jones’ 258,000 new jobs and 3.6% unemployment estimates. Wage growth also rose. Average hourly earnings increased 0.5% for the month and 5.2% yearover- year, higher than, respectively, the 0.03% and 4.9% Wall Street estimates. An 0.05% increase, however, keeps consumers getting poorer as inflation last month proceeded at an 8.5% rate. But no federal government report merits more skepticism than this monthly jobs report. If the jobs market were truly booming, then the labor participation rate should be climbing. Instead, the participation rate is falling.