If you can tear yourself away from the disappointing U.S. jobs numbers and what that means for the Federal Reserve’s prospective reduction in stimulus, signals from China offer an equally sobering view of the global recovery.

Economists are wringing their hands over employment growth in August, which was weaker than even the most pessimistic estimate. Tapering of the Fed’s quantitative easing is unlikely to be announced this month; around year-end is more probable.

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