July Unemployment Dips to 9.1% – 45.8 Million Americans Now on Food Stamps
Worst. Jobs. President. Ever.
The US unemployment rate remained above 9.0% last month. 117,000 jobs were created.
Hiring picked up slightly in the U.S. in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.
The Labor Department said Friday that employers added 117,000 jobs last month. That’s an improvement from the past two months.
The mild gain may ease investors’ concerns after the Dow Jones industrial average plummeted more than 500 points over concerns that the U.S. may be entering another recession.
Still, the economy needs twice as many net jobs per month to rapidly reduce unemployment. The rate has topped 9 percent in every month except two since the recession officially ended in June 2009.
The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.
In July it was reported that 64% of small businesses are not planning on hiring this year.
Food Stamp use rose to 45.8 million in July. One of six Americans are now on food stamps.