US jobless rate grows to 8.3%
Source: Agencies |
August 4, 2012, Saturday
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Print Edition
Print Edition
UNITED States employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring.
The US Labor Department yesterday said the jobless rate rose to 8.3 percent last month from 8.2 percent in June.
Stronger job creation could help US President Barack Obama's re-election hopes. Still, the unemployment rate has been above 8 percent since his first month in office? the longest stretch on record. No president since World War II has faced re-election with unemployment over 8 percent.
July's hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year's pace. That's not enough to satisfy the 12.8 million Americans who are unemployed.
The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households, which showed fewer people had jobs. Economists say the business survey is more reliable.
A better outlook on hiring could prompt the Federal Reserve to hold off taking more action to spur growth. The US central bank signaled in a statement earlier this week a growing inclination to take further steps if hiring doesn't pick up.
Manufacturing added 25,000 jobs, the most since March. Retailers hired 7,000 more workers. Education and health services gained 38,000.
The US Labor Department yesterday said the jobless rate rose to 8.3 percent last month from 8.2 percent in June.
Stronger job creation could help US President Barack Obama's re-election hopes. Still, the unemployment rate has been above 8 percent since his first month in office? the longest stretch on record. No president since World War II has faced re-election with unemployment over 8 percent.
July's hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year's pace. That's not enough to satisfy the 12.8 million Americans who are unemployed.
The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households, which showed fewer people had jobs. Economists say the business survey is more reliable.
A better outlook on hiring could prompt the Federal Reserve to hold off taking more action to spur growth. The US central bank signaled in a statement earlier this week a growing inclination to take further steps if hiring doesn't pick up.
Manufacturing added 25,000 jobs, the most since March. Retailers hired 7,000 more workers. Education and health services gained 38,000.
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