The July employment report isn’t bad, but that doesn’t mean it’s good, either. On the bright side, total private-sector payrolls increased by 154,000, a massive increase over the 18,000 jobs created in June. What’s more, the June numbers improved as well; after revision, the Bureau of Labor Statistics found that the economy created 46,000 jobs that month. A poor number, but not as catastrophic as originally reported. Still, the picture dims as you look further into the new numbers. Total public-sector payrolls decreased by 37,000, as state and local governments cut wokers in response to slow growth and low revenues.