The BLS: Employment Situation Summary:
Total nonfarm payroll employment increased by 162,000 in July, and the unemployment rate edged down to 7.4 percent…. The civilian labor force participation rate was 63.4 percent in July, little changed over the month. The employment-population ratio was unchanged at 58.7 percent…. Total nonfarm payroll employment increased by 162,000 in July.
Employment-to-population ratio unchanged is a labor market treading water. 162K payroll jobs is not an establishment employment gain that makes me think it is time to "taper".