163K jobs added in July; US unemployment increases to 8.3%
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163K jobs added in July; US unemployment increases to 8.3%

Last Updated: Friday, August 03, 2012, 20:00
 
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163K jobs added in July; US unemployment increases to 8.3%
Washington: The American economy added as many as 1.63 lakh new jobs in July, though the unemployment rate rose marginally to 8.3 percent, latest official data released today said.

Figured released by the US Department of Labor revealed that July was the best month for creating of jobs since February.

"The latest payroll numbers are encouraging after three months of weak job creation, but the figures still aren't enough to lower the unemployment rate, and hiring remains well below the pace set at the start of the year," The Wall Street Journal reported.

Private companies accounted for all of the growth in July payrolls, adding 1,72,000 jobs during the month even as governments shed 9,000 positions during the period.

The federal work force shrank by 2,000, the Labor Department said in a statement.

In a statement, Mitt Romney, the Republican presidential candidate, said the increase in the unemployment rate is a "hammer blow" to struggling middle-class families.

Romney claimed his plans, announced a day before, will bring more jobs and more take home pay.

"My plan will turn things around and bring the economy roaring back, with twelve million new jobs created by the end of my first term," he said.

House Republican Policy Committee Chairman Tom Price said US President Barack Obama and Congressional Democrats are pitching for a massive tax hike on small businesses.

"But, of course, the absolute last thing the American people or our economy needs is Washington taking more money away from the small business entrepreneurs responsible for creating the majority of new jobs,” he said.

PTI



First Published: Friday, August 03, 2012, 20:00


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