The scariest jobs chart of them all

This rundown at Calculated Risk best explains why no one is getting very excited over this morning's employment report: The post-recession job gains continue to trail other downturns by quite a pace. Breaking it down:

--Survey was taken earlier in July, before the debt debate in Washington prompted many employers to put a freeze on most everything, including hires.

--The Labor Department factors seasonal adjustments into the July numbers, and NYT columnist Floyd Norris suspects that those adjustments may have been overstated.

--The participation rate, that is the percentage of the working age population actually looking for work, fell to 63.9 percent, the lowest level since the early '80s.

--Almost 14 million Americans are unemployed, and 6.2 million have been out of work for more than six months.

On the other hand:

--The private sector has been adding jobs at a faster rate than the adult population has been growing, which is a good thing, according to NYT columnist Dave Leonhardt..

--May and June payrolls were revised upward and show a gain of 56,000 more jobs than previously reported.

--Average hourly earnings increased in July.

--Through the first seven months of 2011, the economy has added 930,000 jobs, or 133,000 a month. That's a better pace than last year.