Unemployment Rate Up on More Active Participation
According to the Labor Department, U.S. businesses added 209,000 jobs in July, bringing us to a total of 9.9 million since February 2010. The unemployment rate was 6.2%, a slight increase from the previous month that was largely due to an increase in labor force participation. The unemployment rate was down significantly from 7.3% in July 2013.
U.S Secretary of Labor Thomas E. Perez said, “We’ve now seen six consecutive months with job growth topping 200,000, and 53 consecutive months of private-sector job growth – the longest streak on record. “The sustained progress and continued momentum make me optimistic. However, many Americans, despite their best efforts, are still struggling to climb out of the hole created by the Great Recession. As our economy continues on its positive trajectory, we should use the momentum to enable more people to access ladders of opportunity.”