Stronger Than Expected Jobs Report Shows 163,000 New Jobs Added In July, Unemployment Up To 8.3%
Jobs Report Shows 163,000 Jobs Added In July, Unemployment Up To 8.3%
The July jobs report released on Friday showed a significant improvement over recent jobs reports, but the jobless rate in the United States continues to increase. 163,000 new jobs were added in the month of July, but due to the drop in the workforce the unemployment rate has increased from 8.2 to 8.3 percent. This jobs report is the strongest in the last five months.
Last month, a disappointing jobs report for June showed that the economy added only 80,000 jobs to the economy. June’s jobs report was revised down this month to 64,000. The unemployment rate in June remained stable at 8.2 percent.
In the beginning of 2012, the unemployment picture looked to be improving dramatically. In January, the economy added 275,000 jobs – suggesting that the economic recovery was beginning to pick up steam. In February, 240,000 jobs were added but only 120,000 jobs were created in March.
The economy took a turn for the worse in April when just 68,000 jobs were added and the unemployment rate began to creep back up. In May, 87,000 jobs were added — revised upwards this month from the initial 77,000 new jobs in May.
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