Hopeful unemployment news gives scared markets a boost
U.S. President Barack Obama speaks on the economy following a tour of Cree, Inc., a manufacturer of energy efficient LED lighting and a meeting with President's Council on Jobs and Competitiveness, in Durham, N.C., June 13, 2011.
STEVE CHIOTKAIS: The economy added 117,000 jobs in July -- while the nation's unemployment rate fell slightly -- to 9.1 percent. That's according to the Labor Department, out just minutes ago with its monthly employment report.
Marketplace's Gregory Warner is with us live to give us the rundown. Gregory, what's the word?
GREGORY WARNER: The word is relief. First these numbers were higher than predicted. Analysts were expecting 90,000 jobs to be created in July. The number was 117,000 jobs. And that's an improvement from the past two months, and as you said it ticks the unemployment rate down to 9.1 percent. Wages also climbed. And June's jobs report was revised upward. So June's hiring looked abysmal, but the revised figures make it slightly better. All this comes as a relief to some investors who are concerned about a slinking economy. Still, we should mention the unemployment rate remains above nine percent where it's been every month except two since the recession ended in July of 2009. And the economy would really need double the amount of jobs per month to give a kick to unemployment.
CHIOTAKIS: All right, Marketplace's Gregory Warner. Gregory, thanks.