It’s not exactly news we want to hear soaring into a weekend but according to the Bureau of Labor Statistics, the nation added 162,000 in July.
Is that completely bleak? No. Is it excellent news? Not really. It’s less than the 185,000 forecast of economists polled by Bloomberg.
As for slightly better news, the unemployment rate trickled down slightly from 7.6 percent to 7.4 percent but that could be attributed to having fewer people in the workforce. Sigh.
Stephen Bronars, senior economist at Welch Consulting, tells ABC News the unemployment rate is dropping because people are surrendering to their job search and exiting the labor force.
The labor force participation rate measures the percentage of adults who are employed or jobless while actively looking for work. That number fell from 63.5 percent in June to 63.4 percent last month. He says, “Even more troubling is that the participation rate is down 0.3 percent from one year ago.”