Unemployment ticks up to 8.3%, with 163,000 jobs added

Jeremy Hobson Aug 3, 2012
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Unemployment ticks up to 8.3%, with 163,000 jobs added

Jeremy Hobson Aug 3, 2012
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The July jobs report from the Labor Department is out. Last month, unemployment rose from 8.2 to 8.3 percent, while 163,000 jobs were added — the most in five months.

The private sector accounted for all the job creation, adding 172,000; government employment declined by 9,000.

Right after the numbers were released, we spoke with New York bureau chief Heidi Moore about whether we should be happy with the report.

“It shows, on average, exactly where we were last year,” she points out, “but it’s good because we’re not losing that many jobs and that’s excellent.”

Peter Cappelli, director of the Center for Human Resources at the Wharton School at the University of Pennsylvania, agrees.

“Compared to where we were this is pretty good news,” he says.

But there are still some parts of the numbers causing concern. Among them? The long-term unemployment figures, which actually dropped by 185,000 against the month prior.

“We do have a problem with the way employers are hiring.” Cappelli says. “And that is that they’re looking for somebody who can come in and be ready to do the job, as demonstrated by the fact that they’re currently doing the same job someplace else.”

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