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Job seekers meet with a recruiter at a job fair on July 10, 2012 in San Francisco, California. - 

Even as the U.S. economy is adding jobs, nearly five million people have been out of work for at least six months, and figures show their wait to return to the workforce is growing.

The Department of Labor is reporting the U.S. added 88,000 jobs last month, falling below analyst expectations. The unemployment rate ticked down slightly to 7.6 percent. The monthly jobs numbers give a snapshot of the economy and its recovery, which has a been a slow and bumpy one so far.

Larry Summers, who was Treasury Secretary under President Clinton and chair of the White House Council of Economic Advisers under President Obama, discusses the state of the recovery and what's ahead for the economy.

Follow Jeremy Hobson at @jeremyhobson