Private-sector payrolls grew by a sluggish 84,000 on a net basis in June, the Labor Department reports. That’s down from the revised growth of 105,000 in May. It’s a disappointing report in absolute terms, and it doesn’t help that yesterday’s far-more encouraging ADP estimate inspired expectations that we’d see something better. But while no one can deny that the jobs growth is s-l-o-w, according to the government’s figures, it’s still premature to argue that it signals a new recession.