Last week’s jobs report delivered some good news: The unemployment rate dropped to 8.6 percent from 9 percent, and the decline was particularly notable among less educated Americans.
Trouble is, more than 40 percent of the job growth was attributable to a healthy expansion in retail trade, which underscores a larger economic problem. Although entrepreneurial innovation usually leads to significant job creation, the great retail entrepreneurs of the past 30 years-from Amazon.com Inc. to Wal-Mart Stores Inc.-have produced efficiency rather than economywide employment.
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