Employers added 117,000 jobs in the month of July, strengthening the employment market, CNNMoney reports. The unemployment rate slightly increased to 9.1%. This exceeded economists expectations, especially after June produced harrowing numbers for unemployment and negative economic reports. Friday’s report came as a major surprise.
“What a relief!” Mark Vitner, senior economist at Wells Fargo Securities told CNNMoney. “The modest rise allays some fears. The data still show the economy losing momentum, however.”
Even with the increase in job numbers, there is still some way to go to help improve the country’s workfroce. Economists believe that nearly 150,000 jobs a month will need to be added a month to help stabilize the economy with the nation’s population growth.