A day after the largest single-day drop since the recession ended, the economy got a brief moment of good news with the July jobs numbers. According to the Bureau of Labor Statistics, the official unemployment numbers dropped to 9.1%, thanks in large part to 117,000 new jobs. Also, the May and June job numbers were revised upwards by almost double what the initial figures were for those months. This temporarily sparked a rise in futures this morning before stocks took a tumble earlier today.
The improvements helped industries across the board, with retail and health care jobs reporting the biggest increases, while the government sector shed 37,000 jobs as local, state and federal governments continue to try to get their fiscal houses in order.
However, the numbers are also due to the fact that some of the unemployed have stopped looking for work, which takes them out of the labor force, and thus the count of the “unemployed,” which significantly lessens the impact of an otherwise not-depressing jobs report. Still, markets are showing signs of unease, and if yesterday’s bloodbath is more than just a bad day, the numbers may not stay positive for much longer. Originally published at www.silverunderground.com.Published in