The all-important Employment Situation report for July — nonfarm payrolls and unemployment — is out this morning, and results are far below projections: +73K new jobs were filled last month, lower than the +100K expected. The Unemployment Rate ticked up 10 basis points (bps) to 4.2%, which is still historically very good.The initial takeaway from this report is the massive downward revisions to the prior two months: June dialed way back from +147K to 14K — including only +3K new jobs in the private sector — ...