Happy Friday, one and all!
We have good news and not-so-good news to share as a result of today’s job report. First, the good news: 163,000 jobs were added in July! As for the bad news? The unemployment rate increased from 8.2 to 8.3 percent.
According to the Labor Department, private employers added 172,000 jobs last month whereas the government cut 9,000, leaving a net total of 163,000.
Although the unemployment rate rose slightly, let’s look at the big picture, shall we? In October 2009 the rate was ten percent! So, we’re still recovering.
Maury Harris, chief U.S. economist for UBS, told USA Today, it’s kind of not a big deal. “It went from 8.2% to 8.25%, and they rounded up to 8.3%.” Essentially, there’s little change from June.