The 163,000 Jobs Gain in July Is Good, But Not Great
The U.S. economy created more jobs than expected in July, 163,000, which indicates the economy is well away from the brink of recession. But details of the government’s jobs report took some luster off the headline number. The government revised previous months’ gains slightly lower, and the unemployment rate rose a tick to a five-month high of 8.3 percent. Also, the July increase was partly due to a quirk in auto production scheduling that could be reversed in coming months.
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