Economy Lost 131,000 Jobs in July

Posted on August 6, 2010

The July jobs report is out and the news is not good. The economy lost 131,000 jobs in July. The employment rate remains at 9.5%. Part of the decline was due to census workers completed their work. However, the private-sector only added a measly 71,000 jobs in July.
Total nonfarm payroll employment declined by 131,000 in July, and the unem- ployment rate was unchanged at 9.5 percent, the U.S. Bureau of Labor Statis- tics reported today. Federal government employment fell, as 143,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment edged up by 71,000.
There is worse news still and that is that the number of workers hired by private firms in July was revised down from 83,000 to just 31,000 jobs. This was a discouraging jobs report. The only hope remaining for the year is that retailers will hire a lot of workers for the holidays.

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