Transcript US growth: nearing stall speed Friday's payrolls report reinforced our view that US growth is running below potential and near stall speed—a pace below which the labor market weakens in a self-reinforcing fashion. While the unemployment rate rose only modestly in July (to 4.25%), we estimate that the pace of underlying job growth plummeted to 28k (from 206k in Q1), reflecting weakness in the July survey data as well as a surprisingly sharp downward revision to May and June payroll growth that con ...