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With the U.S. government’s latest monthly employment report, the American job market has entered a bewildering good news/bad news phase.

The good news is that May’s increase of 217,000 payroll jobs finally puts total employment above its pre-recession peak. There are 8.8 million more jobs than at the low point. Unemployment has dropped from 10 percent to 6.3 percent. Chief White House economist Jason Furman points out that monthly job gains have averaged nearly 200,000 in the past year and are trending up.

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