Job growth is nil and this has investors rattled. The stimulus policies enacted by Congress were geared to create jobs in the government sector, and in manufacturing, which to some extent has happened. But most job creation comes from small businesses, which didn’t get meaningful stimulus benefits, and they’re not hiring. They won’t hire until the outlook is better and there is certainty over their tax and regulatory burdens (i.e. healthcare). Employment statistics are lagging indicators. The economy will be doing better long before the jobs numbers catch up to it. For small businesses to start hiring, we’ll need a very different macro-economic approach from Congress.