The unemployment rate dropped slightly to 9.4% in July, suggesting that the economy could be on the road to recovery. Analysts had predicted 330,000 job losses in July and a jump in the unemployment rate to 9.6%, but according to the Bureau of Labor Statistics only 247,000 jobs were lost- that’s no small number, but better than expected. Good news also came from average wage earnings- in the past 12 months, average hourly earnings have increased 2.5% and weekly earnings rose 1%.
Tags: consumer, economy, job loss, unemployment
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