Hiring Increases in July 2012 But Still Not Great

Posted on August 4, 2012

The economy added 163,000 jobs in July 2012. This was much better than the last three months and could help ease concerns the economy is slipping back into a recession. However, the unemployment rate climbed to 8.3%. 163,000 jobs is still much fewer than we need. The economy should really be creating about 300,000 jobs a month if we are ever going to recover. Another concern is that many of the new jobs seem to be low-paying or temporary jobs and not the full-time high paying jobs people really need.

CBS News business and economics correspondent Rebecca Jarvis says there have been 41 straight months with the unemployment rate at 8% or higher. Take a look: