Employment is expected to rebound again in this week's update on payrolls in July, but it's still premature to equate positive monthly hiring comparisons with an all-clear signal for the labor market and economic outlook. A more reliable measure of what's brewing can be found in two weekly reports: initial and continuing jobless claims. On both fronts, the numbers are still flashing warnings.
Let's start with the good news. Today's ADP Employment Report for July, which tracks private-sector employment, is expected to dispense another positive comparison. Economists are expecting a strong gain and Friday's official