*(Via NBC News) – The U.S. economy created fewer jobs than expected in July, with the bulk of the them in areas, such as retail and restaurants, that typically are low-paying.
The Labor Department, in its widely watched jobs report, on Friday said non-farm employment rose by 162,000 and the unemployment rate slipped to 7.4 percent, the lowest in over four years. Gains in employment fueled some of that decline, but the labor force also shrank during the month, robbing some of the luster from the decline in the unemployment rate.
Employment increased in retail trade, food services and drinking establishments, financial activities and wholesale trade.
The jobs growth, which missed expectations of an increase of 183,000 jobs, was enough to show the labor market continues to expand, but at a sluggish pace.
Meanwhile, Black unemployment fell from 13.7 to 12.6 percent, a low for the year. And black women also saw their best numbers in over a year. Joblessness for African-American women fell to 10.5 percent from 12.0 in June.
Read/learn more at NBC News.
*(Via CBS News) – U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention.
The unemployment rate fell to 8.1 percent from 8.3 percent in July, the Labor Department said Friday. But that was only because more people gave up looking for work. The government only counts people as unemployed if they are actively searching.
The government also said 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the beginning of the year, below 2011′s average of 153,000.
Dow Jones industrial futures, which had been up before the report, fell soon after it was released.
The hiring figures and unemployment rate will be among the most politically consequential of the campaign. They arrive just as the presidential race enters its final stretch. Jobs are the core issue, and the report could sway some undecided voters.
Read/learn more at CBS News.
*(Via Yahoo News) – When something happens once, it’s a phenomenon.
When something happens twice, it’s a coincidence.
When something happens three times, it’s a trend.
That’s an old journalistic rule of thumb. And by that rule, February’s employment report confirmed that we have a trend of decent employment growth. (Sorry, Republicans)
The headline number showed that the economy created a net 227,000 jobs in February. When the economy began to create jobs in significant numbers, analysts frequently pointed out that a job creation rate of 150,000 per month was barely enough to keep up with population growth, and wasn’t enough to make a dent in unemployment. Now we’re finally getting that growth. February marked the third straight month in which payroll jobs rose by more than 200,000. Gains could be seen in a range of industries: professional and business services, manufacturing, and health care. The construction and retail trade sectors shed positions.
Read/learn more at Yahoo News AND/OR watch this video report: