Quick Jobs Report

I read this about a week ago on The American Prospect and thought it would be interesting and appropriate for sharing:

A STRONG JOBS REPORT

Beating expectations, 163,000 jobs were added to the U.S. economy in July, according to the monthly report from the Bureau of Labor Statistics. The growth was far above the median estimate of 108,000 among experts surveyed by Dow Jones—on par with Wednesday’s report by payroll company ADP—and more than 75 percent higher than the 90,000 jobs per month required to keep up with economic growth. It’s also double the number added in June, breaking with a downward trend that’s persisted since January. Unsurprisingly, stock futures rose in the minutes after the report’s release. But the unemployment rate ticked slightly upward to 8.3 percent, and future employment situation reports will have to be much stronger in order to bring it down.

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