Friday, August 7, 2009

Unemployment Rate Drops to 9.4%

Nonfarm payrolls declined 247,000 in July, the Labor Department reports, the smallest drop since last August.

The unemployment rate fell 0.1 percentage point to 9.4%.

Some of the decline can be attributed to Obama' s manipulated economy. Automobile employment actually rose on a seasonally-adjusted basis, by 28,000. And, the government directly added 7,000 jobs.

Health care gained 17,000 jobs.

All other sectors showed declines.

Construction employment was down 76,000. Employment in the service sector fell by 119,000.

Retail was down by 44,100 jobs and leisure and hospitality employment rose 9,000.

Temporary employment -- often a leading indicator -- fell just under 10,000.

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