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US economy adds 163,000 new jobs US economy adds 163,000 new jobs
(40 minutes later)
The US economy added an extra 163,000 jobs in July, according to official figures, beating analysts' forecasts.The US economy added an extra 163,000 jobs in July, according to official figures, beating analysts' forecasts.
However, the unemployment rate rose from 8.2% to 8.3% last month, as more people re-entered the workforce but failed to find a job.However, the unemployment rate rose from 8.2% to 8.3% last month, as more people re-entered the workforce but failed to find a job.
The US Department of Labor also said 6,000 fewer jobs were created in May and June than first estimated.The US Department of Labor also said 6,000 fewer jobs were created in May and June than first estimated.
The US economy has to generate 100,000 new jobs a month just to stand still, according to the Federal Reserve.The US economy has to generate 100,000 new jobs a month just to stand still, according to the Federal Reserve.
The total number of unemployed people was 12.8 million last month, unchanged from June.The total number of unemployed people was 12.8 million last month, unchanged from June.
In an election defined by a troubled economy, these figures offer some respite for the president. The number of jobs added is more than expected, and the highest monthly total since February. The immediate reaction from stock markets was positive. For now at least, Barack Obama can tell America things are moving in the right direction.In an election defined by a troubled economy, these figures offer some respite for the president. The number of jobs added is more than expected, and the highest monthly total since February. The immediate reaction from stock markets was positive. For now at least, Barack Obama can tell America things are moving in the right direction.
However, the increase was not enough to prevent a slight rise in the jobless rate. And this remains the longest period of high unemployment since the Great Depression. No president in modern times has faced the electorate with the jobless rate so high. It amounts to ammunition for both sides in what continues to be a brutal war over economic policy.However, the increase was not enough to prevent a slight rise in the jobless rate. And this remains the longest period of high unemployment since the Great Depression. No president in modern times has faced the electorate with the jobless rate so high. It amounts to ammunition for both sides in what continues to be a brutal war over economic policy.
The next set of figures will confirm whether this was the start of a sustained improvement or yet another false dawn.The next set of figures will confirm whether this was the start of a sustained improvement or yet another false dawn.
Private sector firms hired an extra 172,000 staff, which more than offset the 9,000 fall in government payrolls.Private sector firms hired an extra 172,000 staff, which more than offset the 9,000 fall in government payrolls.
The figures were better than most economists had forecast.The figures were better than most economists had forecast.
"We are not seeing large-scale layoffs, so job destruction is pretty limited," said Scott Brown, chief economist at Raymond James & Associates."We are not seeing large-scale layoffs, so job destruction is pretty limited," said Scott Brown, chief economist at Raymond James & Associates.
There were also signs that Americans were optimistic about finding a job. The number of discouraged workers - people not looking for work because they believe there are no jobs - fell 267,000 to 852,000.There were also signs that Americans were optimistic about finding a job. The number of discouraged workers - people not looking for work because they believe there are no jobs - fell 267,000 to 852,000.
The number of involuntary part-time workers, those whose hours have been cut back or who could not find full-time jobs, was unchanged at 8.2 million.The number of involuntary part-time workers, those whose hours have been cut back or who could not find full-time jobs, was unchanged at 8.2 million.
Candidates for the November presidential election have been watching the jobs reports closely, as the economy remains a top voter concern.
The White House's chair of economic advisers Alan Krueger said: "Any increase in the unemployment rate is unwelcome but we do see an economy that is continuing to add jobs."The White House's chair of economic advisers Alan Krueger said: "Any increase in the unemployment rate is unwelcome but we do see an economy that is continuing to add jobs."
"It is critical that we continue the policies that build an economy that works for the middle class," Mr Krueger said, adding that the private sector had added jobs for 29 months in a row, for a total of 4.5 million."It is critical that we continue the policies that build an economy that works for the middle class," Mr Krueger said, adding that the private sector had added jobs for 29 months in a row, for a total of 4.5 million.
But Republican presidential candidate Mitt Romney described the slight increase as "a hammer blow to struggling middle-class families", as he said his jobs plan would add 12 million new jobs by the end of his first term.But Republican presidential candidate Mitt Romney described the slight increase as "a hammer blow to struggling middle-class families", as he said his jobs plan would add 12 million new jobs by the end of his first term.
To understand why more jobs didn't lower the unemployment rate, you have to look at how the figures are compiled. The US Department of Labor uses two surveys to measure employment.To understand why more jobs didn't lower the unemployment rate, you have to look at how the figures are compiled. The US Department of Labor uses two surveys to measure employment.
One survey asks companies and government agencies how many staff they employed during the month. In July, firms said they were hiring. This is the measure economists tend to focus on most.One survey asks companies and government agencies how many staff they employed during the month. In July, firms said they were hiring. This is the measure economists tend to focus on most.
The unemployment rate comes from a survey of households. Government employees ask the adults in each household if they are working. Those who don't are asked if they're looking for a job. Last month, more people said they were unemployed. Less people have given up looking for a job, but that number is still high, revealing the continuing struggle many Americans face finding work.The unemployment rate comes from a survey of households. Government employees ask the adults in each household if they are working. Those who don't are asked if they're looking for a job. Last month, more people said they were unemployed. Less people have given up looking for a job, but that number is still high, revealing the continuing struggle many Americans face finding work.
"We've now gone 42 consecutive months with the unemployment rate above eight percent. Middle-class Americans deserve better, and I believe America can do better," he said."We've now gone 42 consecutive months with the unemployment rate above eight percent. Middle-class Americans deserve better, and I believe America can do better," he said.
Last week, official data showed the US economy grew at an annual rate of 1.5% in the second three months of the year, that was slower than the 2% pace at the start of 2012.Last week, official data showed the US economy grew at an annual rate of 1.5% in the second three months of the year, that was slower than the 2% pace at the start of 2012.
On Wednesday, the Federal Reserve said its programme to reduce long-term borrowing costs for firms and households would continue for the rest of the year.On Wednesday, the Federal Reserve said its programme to reduce long-term borrowing costs for firms and households would continue for the rest of the year.
Under Operation Twist, the Fed buys long-term bonds from retail lenders and swaps them for shorter-term bonds.Under Operation Twist, the Fed buys long-term bonds from retail lenders and swaps them for shorter-term bonds.
But it disappointed some investors by not announcing any fresh measures to stimulate economic growth.But it disappointed some investors by not announcing any fresh measures to stimulate economic growth.
The Fed has kept base interest rates at close to zero for nearly four years and pumped $2.3bn into the economy.The Fed has kept base interest rates at close to zero for nearly four years and pumped $2.3bn into the economy.
Candidates in the the November presidential election have been watching the jobs reports closely, as the economy remains a top voter concern. Are you in the US? Have you been able to find a job? How easy or difficult is it? If you are willing to share your experiences with us, please get in touch, including your contact details, using the form below.