published Friday, August 5th, 2011

Unemployment rate dips, economy adds 117K jobs

  • photo
    In this July 13, 2011 photo, attendees stand in lines that weave throughout a room filled with recruiting booths during a National Career Fairs job fair, in Dallas. The number of people seeking unemployment benefits dipped last week, a sign the job market may be improving slowly.(AP Photo/Tony Gutierrez)

WASHINGTON — Hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.

The Labor Department says employers added 117,000 jobs last month. That's an improvement from the past two months.

The mild gain may ease investors' concerns after the Dow Jones industrial average plummeted more than 500 points over concerns that the U.S. may be entering another recession.

Still, the economy needs twice as many net jobs per month to rapidly reduce unemployment. The rate has topped 9 percent in every month except two since the recession officially ended in June 2009.

The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.

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OldTimer1933 said...

Since this article is from AP (Associated press) I presume it has tried to sugar coat the hard truth.

I would first ask, "Who are the employers who did the hiring?" As I see it, if the private sector does the hiring then they are national 'wealth producing' jobs, whereas 'government' jobs are generally national wealth CONSUMING jobs.

I am ALSO sort of curious as to what criteria determined that "the recession officially ended in June 2009" because 'OFFICIALLY' increased government spending can be called 'spending cuts' and the Consumer Price Index can "OFFICIALLY" be virtually flat or only slightly increased BECAUSE 'GOVERNMENT' CONVENIENTLY LEAVES OUT THOSE ITEMS THAT HAVE SHOT UP DRAMATICALLY -- FOOD AND ENERGY.

And, before anyone gets to ecstatic, look at the last paragraph and one can see that the 'OFFICIAL' unemployment rate leaves out a lot of people, and the 'decline' has been because a lot of people are no longer looking.

August 5, 2011 at 10:55 a.m.
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