Unemployment Rate Rises to 8.3 Percent; 163,000 New Jobs Created in July
The seasonally-adjusted unemployment rate in the United States rose to 8.3 percent in July, with the economy adding a net of 163,000 jobs, according to estimates calculated by the federal Bureau of Labor Statistics. The number of jobs added was more than expected, but was not enough to keep up with new entrants into the job market, reinforcing conclusions that the U.S. economy is stagnant. With overall economic growth slowing, weak employment numbers could indicate that the U.S. is following other industrial economies on a downward path back into recession. June’s job number was revised down from 80,000 new jobs to 64,000.