July’s net job growth of 157,000 was solid, especially considering the closure of Toys “R” Us, which resulted in 32,000 job losses in hobby and game stores. May and June were substantially revised up, the broadest measure of unemployment hit 7.5%, its lowest level since 5/01, while headline unemployment fell to 3.9%, its second-best reading since 12/00. Moreover, wage growth remains muted and Hispanic unemployment is at a record low.