The U.S. economy added new jobs in July, and the unemployment rate increased slightly to 6.2 percent (from 6.1 percent). Economists surveyed by Bloomberg were expecting about 230,000 new jobs. But the positive numbers for July make it six consecutive months of job gains above 200,000, the longest stretch since 1997. Job growth so far this year has averaged 229,000 a month, faster than last year’s pace of 194,000 and far ahead of the 2010 pace of just 88,000 per month.
Revisions added an extra 15,000 jobs to the prior two months, including 10,000 to June’s already sizable 288,000 gain. It’s the first time since February that the unemployment rate has risen, but the change is well within the margin of error. The report showed that more people are starting to enter the labor force and look for work—a good sign, although one that ends up pushing up the unemployment rate.
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Source: Matthew Philips (www.businessweek.com)
