U.S. unemployment remained unchanged at 9.5% and nonfarm payrolls shrunk by 131,000 last month, the government reported this morning. That’s not good, but it’s not quite accurate either once you consider that July is lighter by 143,000 temporary census workers. If we focus on the private sector, nonfarm payrolls rose by 71,000 in July. That’s better, but it’s still well short of what’s needed to convince the crowd that the economy is on a sustainable path of growth worthy of the name.

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►Retailers don’t see back-to-school boost, report spotty sales for July
Cautious consumers translated into spotty sales for national retailers in July, according to data released Thursday, potentially signaling a tough back-to-school season for the industry.
►German Industrial Production Unexpectedly Declines
Industrial production in Germany, Europe’s largest economy, unexpectedly declined in June led by a drop in investment goods such as machinery and trucks.

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