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Sunday, August 8, 2010

Unemployment Rate Holds Steady at 9.5%

July 2010 Employment Situation Summary

The July 2010 Employment Summary from the Bureau of Labor Statistics was released, showing a stagnant employment industry with the unemployment rate remaining unchanged at 9.5%. The private sector showed an increase in 71,000 jobs while 143,000 temporary workers for the census completed their work last month. Overall, the number of unemployed remained the same at 14.6 million.

Some of the data from the report gives hope that the economy is turning around. The average workweek of employees increased by 0.1 to 34.2 hours. This is a positive direction, as employers tend to increase the hours of current employees before hiring new workers. In addition, average hourly earnings for all employers in the private sector increased by 4 cents, or 0.2% to $22.59 last month – good news for anyone trying to find a job.
Of the 71,000 jobs added in July, 36,000 were manufacturing jobs. This increase in jobs over the month was more than the total number of jobs added to this sector in the first six months of 2010. Healthcare jobs continued to rise, adding 27,000 jobs in July, as well as transportation jobs which added 12,000 jobs last month.

Overall, the economy is slowly heading in the right direction.