You want to elaborate on that or is it just another 'you just don't get it do you'
Because Benny the knee padding Obama leftist makes this headline and story seem like some monumental feat. Here ya go. BTW, I lost a SHIT LOAD this week due to the market taking a shit. But lets put Benny's orgasm into prospective....
Employers added 209,000 jobs in July, the Labor Department said Friday, below expectations for 235,000 as economic data continued to show growth but plenty of slack.
The jobless rate ticked up to 6.2% as more people entered the workforce. The labor force participation rate edged up to 62.9%, but that was just above June's decades-low 62.8%. Unemployment would be 10.6% if the participation rate were steady from December 2007, when the recession began.
Average hourly earnings were essentially flat.
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"It was an overall tepid report," said David Rosenberg, chief economist at Gluskin Sheff. "Don't be fooled by the headline of over 200,000 because the internals were actually fairly lackluster. I'd give this a big fat C-minus."
On the upside, the Institute for Supply Management said its U.S. manufacturing index rose 1.8 points to 57.1, the best level in more than three years. Gauges for new orders and employment were among the bright spots.
Manufacturing jobs rose by 28,000 in July, Labor said, the fourth straight month of modest acceleration. Service payrolls climbed by 151,000, the smallest gain since January.
Stocks largely retreated Friday, extending Thursday's big losses, amid the latest economic data and continued woes around the world, from Argentina to Gaza to Ukraine.
July did mark the sixth straight month of nonfarm payroll gains topping 200,000, a feat the economy hasn't accomplished since 1997. As more jobs are created, it will pressure other measures of the labor market, such as the long-term unemployed and people working part-time who want full-time work.
David Berson, chief economist for Nationwide Insurance, called the data "OK." The new jobs represent consumers with new money to spend, he pointed out. With consumer spending powering two-thirds of the economy and the housing market struggling to gain traction, that's sorely needed.
General Motors (NYSE:GM), Ford Motor (NYSE:F), Chrysler and Toyota (NYSE:TM) reported solid year-over-year U.S. sales gains Friday, though some missed estimates.
Berson also thinks it's possible that the labor force participation rate has bottomed out. That would be a good thing, he said. It would also mean the jobless rate might go up for a few months.
Analysts also are waiting for better wage growth, not just more jobs. Earnings have barely grown above prices throughout most of the recovery. Average hourly earnings in July stuck to that trend, growing at about a 2% nominal rate — just keeping pace with inflation.
The Federal Reserve stressed Wednesday that it's in no rush to unwind easy monetary policy as long as there's slack remaining in the labor market.
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