According to the Bureau of Labor Statistics, the United States economy added 209,000 jobs in the month of July as the unemployment rate went up, albeit barely, to 6.2%. While the figure was slightly weaker than had been expected, it still marks the first time since 1997 that the United States has added more than 200,000 jobs a month for six consecutive months.
On average, the United States has added 209,000 jobs every month for the last 12 months. Last month’s figures were boosted by professional services, business services, manufacturing, retail trade, and construction.
The report follows a report from the Commerce Department earlier this week that showed a health rebound in the country’s gross domestic product (GDP), after having suffered through a winter that caused the recovery to officially go into reverse.
The jobs report once again highlights the serious problems in the labor market that are remnants of the recession. The number of long-term unemployed was essentially unchanged in July, resting at around 3.2 million.
The participation rate in the labor force has remained at a three-decade low of 62.9%, and has essentially remained stagnant since April. This rate indicates that numerous American’s have given up on looking for work.
Unemployment for minorities and young people has remained especially high. The unemployment rate for African Americans actually increased slightly to 11.4%, while the unemployment for teenagers remained at a startling 20% in the month of July.
Read more about the story at Reuters.