U.S. employers have added 757,000 jobs to their payrolls in the first half of this year. That actually wouldn’t be so bad if there weren’t so many people out of work. The June unemployment rate of 9.2% was well above the 5% it logged in December 2007, when the recession got under way.
What would it take to get the unemployment rate back down to 5%? Much stronger growth in jobs ”” or a whole lot of time. Here’s a back-of-the-envelope calculation….