Employers added more jobs than forecast in July, the jobless rate fell and wages climbed, easing concern the U.S. economy is grinding to a halt.
Payrolls rose by 117,000 workers after a 46,000 increase in June that was more than originally estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a July gain of 85,000. The jobless rate dropped to 9.1 percent as more Americans left the labor force, while average hourly earnings climbed 0.4 percent. Read more
Categories: Economics, United States
The jobless rate figure is a meaningless figure as after some time the persons on ‘jobless benefits’ loose these benefits and are classified under ‘social security’. Therefore to get a real ‘feel’ of the situation the jobless rate should always be looked at in connection with the numbers of social security beneficiaries.