Companies in the U.S. added workers in July for a seventh straight month at a pace that suggests the labor-market recovery will be slow to take hold.
Private payrolls that exclude government agencies rose by 71,000, less than forecast, after a gain of 31,000 in June that was smaller than previously reported, Labor Department figures in Washington showed today. Economists projected a 90,000 rise in private jobs, according to the median estimate in a Bloomberg News survey. Overall employment fell 131,000 and the jobless rate held at 9.5 percent.
Watch the administration spin this positively but this is awful. Best case scenario we have a U shaped recovery in jobs. Worst case scenario we'll pull back into a double dip. That means we'll have high unemployment for most, if not all, of Obama's first term.