Last month I showed you what kind of private sector job growth was needed to get us back to pre-Great Recession employment levels. For example, at 200,000 new net private sector jobs per month, it takes 12 years to close the jobs gap, according to Laura Tyson.
The numbers out this morning put July private sector job growth at 71,000. As you can see from this chart, 71,000 jobs per month is literally off the chart on the low end. The Brookings researchers figured it wasn’t worth charting anything less than 150,000 net jobs per month because the time horizon for that sort of “recovery” is too distant to even contemplate.