What is an economic recovery? Are we actually experiencing one?
For most Americans, the economy and the labor market are synonymous - a healthy economy is one that creates jobs. And when journalists sit down to report the monthly jobs reports, that's the question they try to answer.
But do they answer it? We learned Aug. 2 that the economy produced 162,000 net new jobs in July. And the unemployment rate has also come down gradually (if not steadily) to 7.4 percent since it reached its peak of 10 percent in October 2009.
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