Don't be fooled by the glowing jobs report today, says CNBC's Larry Kudlow. Yes, payrolls rose...

|By:, SA News Editor

Don't be fooled by the glowing jobs report today, says CNBC's Larry Kudlow. Yes, payrolls rose by 163K in July, but the devil's in the details. For one, the small-business household survey dropped 195,000. That’s what drove the unemployment rate up to 8.3%. Add the labor force shrinking by 150K, the participation rate slipping to 63.7% and the overall U-6 discouraged-workers unemployment rate increasing to 15%, and that pretty much cancels out any better-than-expected rise.