(FOX NEWS) The unemployment rate ticked up to 8.3 percent in July, reflecting a stagnant economic picture as hiring improved but not by enough to make a dent in the sea of unemployed Americans.
The Labor Department report, in a glimmer of positive news after three straight months of dismal jobs numbers, showed that hiring reached its best level since February, with 163,000 jobs added.
But the number brings the economy back to treading-water status. The economy added an average of 151,000 jobs a month this year, roughly the same as last year’s pace. That’s not enough to satisfy the 12.8 million Americans who are unemployed. It would take 250,000 new jobs a month to rapidly bring the unemployment rate down.