So we will not add to the world’s Brexit woes by having a recession here in America. At least not soon. The U.S. economy added 287,000 jobs in June, compared with a meager 11,000 in May (revised down yesterday from 38,000). Since we are deep into the political season, cheers from the Obama-Clinton campaign, and insistence by Republicans that when the up-and-down monthly numbers are smoothed, the economy is producing about 150,000 jobs per month, well below the average monthly job gains of 251,000 in 2014 and 229,000 last year.

But that should not be a reason to worry. The Federal Reserve Bank of Atlanta estimates that if we add 118,000 jobs per month over the next year the unemployment rate will remain comfortably below 5%. Jan Hatzius, chief economist at Goldman Sachs is more optimistic: He says that 85,000 new jobs per month will keep the unemployment rate stable and the economy at or close to full employment. David Kelly, chief global strategist of JP Morgan Asset Management, contends that there is no slack left in the jobs market, limiting the attainable growth of the economy to something below an annual rate of 2%.