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Friday, August 5, 2011

Unemployment rate slightly improves in July's BLS report, falling to 9.1%, adding 117,00 jobs

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Employment opportunities for Americans gained slightly in July by 117,000, less than the 300,000 jobs needed per month but, beating the expectation of 85,000 created. 

The national unemployment rate fell to 9.1 percent from 9.2 percent, according to a report released by the Bureau of Labor Statistics (BLS) on August 4th.

The news comes after a slew of data indicated the recovery might be hitting a wall, and only one day after the Dow Jones experienced the worst single-day decline since the height of the financial crisis in October 2008. In addition, the Dow Jones market had a positive increase this morning, starting at +159.47 points.

Today’s BLS data was contrast last week information, in it was reported that layoffs surged in July. Up to July, the economy as a whole grew by only 1.3 percent in the second quarter of the year, missing expectations, and by only 0.4 percent in the first quarter.

Consumer spending in general, has been impacted by gas prices and scant income gains have forced Americans to pull back sharply on spending in the spring. On July 29th, the Commerce Department reported that consumer spending only increased 0.1 percent this spring, the smallest gain in two years and government spending fell for the third straight quarter

One month before in June, the unemployment rate rose to 9.2 percent adding only 18,000 jobs, well below the 90,000 to 140,000 expected by Wall Street. In May, BLS reported just 25,000 American jobs were added.

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