The US monthly employment data for July were not far off economists’ expectations, but they suggest that the labour market is now showing precious little improvement, and the initial reaction of markets was one of disappointment. The number of private sector jobs in the economy rose by just 71,000, which would normally be insufficient to keep unemployment from rising. However, the unemployment rate remained unchanged at 9.5 per cent, largely because the potential labour force is now falling as workers become discouraged about their prospects of finding work. All in all, this is a fairly gloomy picture for those seeking work in the US. Read more
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