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The U.S. added 117,000 jobs outside the farm sector in July and the unemployment rate fell slightly to 9.1%, the government reported Friday, in a better-than-expected report that might provide temporary calm to jittery financial markets.
On Wall Street, investors greeted the news with immediately positive results, as stock-index futures erased their early-morning losses.
Yet while employers hired more workers than economists expected, the gain wasn’t big enough to put a dent in the overall, negative labor-market trend.
The jobless rate has stayed above 8% for 30 straight months, the longest stretch of high unemployment since the Great Depression in the 1930s.
During times of rapid growth, the U.S. typically adds at least 200,000 jobs a month, and much larger increases would be required for months on end to yank the unemployment rate back down to pre-recession levels.
The rate of hiring in July wasn’t even enough to absorb the natural increase in the labor force, which requires about 125,000 new jobs a month.
The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.
The report follows a string of gloomy data that shows the economy has weakened.
Originally posted by anon102
Question is...how many jobs were full-time instead of part-time or temp?
The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed
The jobless rate declined as 193,000 people left the labor force and the number of unemployed dropped by 156,000. The share of the eligible population holding a job declined to 58.1 percent, the lowest since July 1983
According to a Bureau of Labor Statistics breakdown, there were 139,296,000 people working in July, compared to 139,334,000 the month before, or a drop of 38,000.
Economists polled by CNNMoney are expecting 75,000 jobs were added to payrolls in the month. The unemployment rate is expected to stay at 9.2%
The data was hardly a surprise though, given a flurry of mass layoffs announced in the last few weeks by Cisco Systems (CSCO, Fortune 500), Merck & Co., (MRK, Fortune 500) Borders, Lockheed Martin (LMT, Fortune 500) and Boston Scientific (BSX, Fortune 500). Those five companies alone accounted for 38,100 planned cuts in July.
"What may be most worrisome about the July surge is that the heaviest layoffs occurred in industries that, until now, have enjoyed relatively low job-cut levels, including pharmaceuticals, computer and retail,"....
Originally posted by fixitwcw
reply to post by surrealist
can you say "bu11$#1t" just to get the stocks back up, and it worked. back to sleep everyone!