Business: Unemployment Down-No Fluke

There was little cheering over last month's report that the unemployment rate had finally dropped, from 9.2% in May to 8.6% in June. The Government labeled the decline a fluke, distorted by imprecise measurements of the number of students entering the job market; experts unanimously predicted a new climb in joblessness during July. Instead, the Labor Department reported last week that the July rate dropped further, to 8.4%, and this time it said that the figure was as exact as statistical techniques can make it. Surprised Administration economists still think the rate might go up again in August; but even if...