Employment Rate in USA Under Performing
The US Labor Department announced yesterday that the 32,000 jobs added to the US economy in the month of July did not meet the expectation of any job sector except agriculture. Consequently, the Department of Labor decreased its estimate of new jobs for the months of May through July down to 61,000. This is a negative development for President George W. Bush who is campaigning for reelection for it raises further questions regarding the economy's recovery. The report is especially ill timed considering that the US Federal Reserve will begin raising interest rates by small increments. That the unemployment rate, previously recorded at 5.6 percent, is now at 5.5 percent was the only good news in the Labor Department report for George W. Bush. The Labor Department cautioned the public since changes in their employment survey is a less reliable indicator of employment and economic vitality than other surveys, which the larger portion of the business world is included. Meanwhile, the dollar regressed while the stock market increased.