July Employment Numbers Disappoint Friday, August 6, 12:33 PM ET
The Department of Labor reported today that the US economy lost 131,000 jobs in July, with 143,000 temporary census jobs ending. From the private sector, 71,000 jobs were created, but that number was not big enough to lower the unemployment rate from its current 9.5%. Further bad news came from the the June revisions, which were lowered by 52,000 jobs. Currently, the Department of Labor estimates that there are 14.6 million Americans looking for work currently.
Overall, the labor report has the markets trading lower and gold prices spiking higher.
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