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US economy's job engine revved up in July
|Last Edited||RP Aug 03, 2012 11:07am|
|News Date||Friday, August 3, 2012 04:05:00 PM UTC0:0|
|Description||U.S. employers created 163,000 jobs in July -- the most in five months -- but the jobless rate edged higher, leaving the impression intact that the economy is just muddling along. |
The number of jobs created, closely watched as one of the best signals of the economy's health, far exceeded the 100,000 jobs that economists had expected. But the economy still is far from creating enough jobs to do much for the 12.8 million Americans who are out of work. And the unemployment rate edged up to 8.3 percent from 8.2 percent in June, the Labor Department said.
The private sector again accounting for all the job gains, adding 172,000 new positions.
Government payrolls dropped by 9,000, as local governments laid off teachers.