Unemployment Continues Its Upward March

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ADP payroll figures came in at 729,000 total nonfarm jobs lost, worse than expected.  This doesn't necessarily mean that the recovery hasn't started--unemployment is a lagging indicator.  But the market sure doesn't like it.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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