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U.S. unemployment drops to 9.1%

08-06-2011 10:44 BJT

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Let's zoom in to the U.S.first. Job growth accelerated more than expected in July, tamping down fears the economy was sliding into a fresh recession.

According to the US Labor Department, the country's nonfarm payrolls increased 117 thousand in July after slowing abruptly in the past two months, while unemployment dropped to 9.1 percent from 9.2 percent in June.

The labor market may not be in as dire a situation as feared.

Non-farm payrolls grew 117,000 in July, according to the Labor Department, which was above the 85,000 predicted by Wall Street.

But in a bigger surprise, the unemployment rate dipped to 9.1 percent from 9.2 percent, as some of the 14.1 million unemployed Americans stopped looking for work.

Wall Street is breathing a collective sigh of relief, but remains cautious.

Srinivas Thiruvadanthai, Director of Research of Jerome Levy Forcasting Center, said, "If you look at a number of labor market indicators surveys: the ISM employment index which is inside the ISM, the Conference Board's jobs plentiful minus the jobs hard to get, what you see is an underlying labor market that is softening. The rate of softening is uneven and is not clear how much it is, how badly it is softening, but clearly we are not out of the woods in this regard."

But there other hopeful signs in the report.

Average hourly earnings ticked higher.

And job creation for May and June were revised to show stronger gains than first announced by the Labor Department.

Even with those gains, the economy is still not producing enough jobs to support healthy economic growth.

But the July jobs report is scaling back fears the U.S. is headed towards another recession.

Editor:Zhang Pengfei |Source: CNTV.CN

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