This morning's report from the Bureau of Labor Statistics showed the U.S. economy created 215,000 jobs in July. The unemployment rate held steady at 5.3 percent. That was a bit below economists' expectations, as they anticipated a 225,000 jobs gain.
The monthly average over the past year has been 244,583, which is enough to increase overall employment even when population growth is factored in. To close the hole left by the Great Recession by summer of 2017, the economy needs to average 246,000 jobs a month.
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