2012-10-11wsj.com

These three statistics--the labor-force participation rate, the growth in government workers, and overall job growth, all multidecade records achieved over the past two months--have to raise some eyebrows. There were no economists, liberal or conservative, predicting that unemployment in September would drop below 8%.

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I sat through business reviews of a dozen companies last week as part of my work in the private sector, and not one reported better results in the third quarter compared with the second quarter. Several stayed about the same, the rest were down slightly.


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