Dismal jobs report exposes claims of US recovery
Andre Damon: As Dow hits new record - Dismal jobs report exposes claims of US recovery ■ The US economy added 162,000 net jobs in July, the Labor Department reported Friday, the worst jobs figure in four months. The jobs total was lower than economists’ projections and well below the number needed to have an impact on mass unemployment. The report underscored the fact that, five years after the 2008 financial crash, the US remains mired in a deep economic slump. Over the past four months, the US economy averaged only 173,000 new jobs per month, even though the working-age population is growing by a monthly average of 184,000. The official unemployment rate dropped by 0.2 percent in July to 7.4 percent, mainly because 240,000 people left the labor force.