Friday’s unemployment report was worse than expected and to make matters worse June’s tepid numbers were revised downward. Prior to the U.S. release, we got news that Canada had negative job growth but that is not a terrible thing as the three previous Canadian numbers were very robust. The question facing all economic policy makers is whether or not the global economy is indeed slowing or merely treading water at very tepid rates of growth? All the news reports from the U.S. during the weekend reflected concern that the U.S. recovery was grinding to a halt and the Obama administration was searching for a new policy mix to stimulate the moribund jobs market.