One must strain to read last Friday’s labor report as anything but an unambiguous disappointment. We cannot extrapolate a trend from two consecutive months of weak data, but the market is rightly concerned that the broader economic expansion may be losing momentum after a strong start to the year. The new data need not trigger a flight from rational levels of risk-taking and investment; instead, it should serve as a clarion call to anyone who has stymied efforts to refocus the national policy agenda squarely in support of private sector job creation.

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